Royal Bank of Canada Issues Pessimistic Forecast for MGIC Investment (NYSE:MTG) Stock Price

MGIC Investment (NYSE:MTG) had its target price decreased by Royal Bank of Canada from $28.00 to $27.00 in a research note issued to investors on Wednesday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the insurance provider’s stock.

MTG has been the subject of several other reports. Roth Mkm raised their price objective on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. BTIG Research raised their price objective on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, Barclays raised their target price on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

MGIC Investment Stock Performance

MTG traded down $0.54 during trading hours on Wednesday, hitting $24.28. The company’s stock had a trading volume of 498,496 shares, compared to its average volume of 1,768,953. MGIC Investment has a fifty-two week low of $17.25 and a fifty-two week high of $26.52. 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 market capitalization of $6.29 billion, a PE ratio of 8.74, a PEG ratio of 1.25 and a beta of 1.28. The company has a 50-day simple moving average of $25.25 and a 200 day simple moving average of $23.17.

MGIC Investment (NYSE:MTG) last posted its earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.66 by $0.11. MGIC Investment had a return on equity of 15.14% and a net margin of 64.09%. The firm had revenue of $306.65 million for the quarter, compared to analysts’ expectations of $306.03 million. During the same period last year, the firm earned $0.64 EPS. The firm’s revenue was up 3.4% compared to the same quarter last year. As a group, sell-side analysts expect that MGIC Investment will post 2.76 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.14%. The ex-dividend date is Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Versant Capital Management Inc raised its position in shares of MGIC Investment by 482.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 946 shares during the last quarter. Hara Capital LLC bought a new stake in shares of MGIC Investment in the 3rd quarter valued at $25,000. V Square Quantitative Management LLC bought a new stake in shares of MGIC Investment in the 3rd quarter valued at $33,000. Fidelis Capital Partners LLC bought a new stake in shares of MGIC Investment in the 1st quarter valued at $50,000. Finally, GAMMA Investing LLC increased its position in shares of MGIC Investment by 76.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock valued at $66,000 after buying an additional 1,328 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Company Profile

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.