MGIC Investment Co. (NYSE:MTG) Given Average Recommendation of “Hold” by Analysts

MGIC Investment Co. (NYSE:MTG) has been given a consensus recommendation of “Hold” by the seven research firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $25.86.

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

Institutional Trading of MGIC Investment

Several institutional investors have recently made changes to their positions in MTG. Dimensional Fund Advisors LP boosted its holdings in MGIC Investment by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock valued at $326,375,000 after acquiring an additional 556,859 shares during the last quarter. State Street Corp raised its holdings in shares of MGIC Investment by 0.8% in the 3rd quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock worth $232,767,000 after purchasing an additional 73,851 shares during the period. American Century Companies Inc. lifted its stake in shares of MGIC Investment by 1.5% in the 2nd quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock valued at $73,167,000 after purchasing an additional 50,307 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of MGIC Investment by 6.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after purchasing an additional 98,369 shares during the period. Finally, Vest Financial LLC increased its position in MGIC Investment by 3.7% during the 3rd quarter. Vest Financial LLC now owns 1,113,258 shares of the insurance provider’s stock worth $28,499,000 after purchasing an additional 39,502 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Stock Performance

Shares of MTG opened at $23.17 on Thursday. MGIC Investment has a 12-month low of $18.68 and a 12-month high of $26.56. The stock has a market cap of $5.87 billion, a P/E ratio of 8.16, a PEG ratio of 1.75 and a beta of 1.29. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The company has a 50-day moving average of $24.53 and a two-hundred day moving average of $24.44.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.11. The firm had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 EPS. As a group, research analysts predict that MGIC Investment will post 2.85 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.52 annualized dividend and a dividend yield of 2.24%. MGIC Investment’s dividend payout ratio is presently 18.31%.

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.