MGIC Investment Co. (NYSE:MTG) Announces Quarterly Dividend of $0.13

MGIC Investment Co. (NYSE:MTG) announced a quarterly dividend on Thursday, October 24th, RTT News reports. Stockholders of record on Thursday, November 7th will be given a dividend of 0.13 per share by the insurance provider on Thursday, November 21st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Thursday, November 7th.

MGIC Investment has raised its dividend payment by an average of 21.5% annually over the last three years. MGIC Investment has a payout ratio of 18.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect MGIC Investment to earn $2.76 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 18.8%.

MGIC Investment Stock Performance

Shares of MTG stock opened at $24.90 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.13. The firm has a fifty day moving average price of $25.25 and a 200 day moving average price of $22.88. The company has a market cap of $6.45 billion, a P/E ratio of 9.19, a PEG ratio of 1.35 and a beta of 1.28. MGIC Investment has a 12 month low of $16.32 and a 12 month high of $26.52.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.15. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The firm had revenue of $305.28 million during the quarter, compared to the consensus estimate of $301.02 million. During the same quarter in the previous year, the firm posted $0.68 earnings per share. The company’s revenue was up 5.0% compared to the same quarter last year. Sell-side analysts predict that MGIC Investment will post 2.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MTG shares. BTIG Research increased their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Roth Mkm increased their target price on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, Barclays increased their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

About MGIC Investment

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.