MGIC Investment Co. (NYSE:MTG) Receives $26.00 Consensus Target Price from Analysts

Shares of MGIC Investment Co. (NYSE:MTG) have been assigned a consensus recommendation of “Hold” from the seven research firms that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $26.00.

Several brokerages have issued reports on MTG. Barclays raised their price target on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and reduced their target price for the stock from $26.00 to $25.00 in a report on Monday, December 9th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $29.00 price target on shares of MGIC Investment in a research note on Tuesday, December 10th. Finally, Royal Bank of Canada cut their price objective on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th.

MGIC Investment Stock Up 1.5 %

MGIC Investment stock opened at $23.66 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. The company’s 50-day moving average is $25.07 and its 200-day moving average is $24.13. The firm has a market capitalization of $5.99 billion, a PE ratio of 8.33, a P/E/G ratio of 1.75 and a beta of 1.27. MGIC Investment has a fifty-two week low of $18.68 and a fifty-two week high of $26.56.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The firm had revenue of $306.65 million for the quarter, compared to the consensus estimate of $306.03 million. During the same quarter in the previous year, the business earned $0.64 earnings per share. The business’s revenue was up 3.4% compared to the same quarter last year. Sell-side analysts anticipate that MGIC Investment will post 2.85 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.20%. MGIC Investment’s payout ratio is presently 18.31%.

Institutional Investors Weigh In On MGIC Investment

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hara Capital LLC acquired a new stake in MGIC Investment during the third quarter worth approximately $25,000. V Square Quantitative Management LLC acquired a new stake in shares of MGIC Investment during the 3rd quarter worth $33,000. Brooklyn Investment Group bought a new position in shares of MGIC Investment in the third quarter worth $69,000. Covestor Ltd raised its stake in MGIC Investment by 65.5% in the third quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock valued at $87,000 after purchasing an additional 1,341 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in MGIC Investment by 233.4% during the second quarter. Blue Trust Inc. now owns 4,985 shares of the insurance provider’s stock worth $111,000 after purchasing an additional 3,490 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

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.