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

Shares of MGIC Investment Co. (NYSE:MTG) have received an average recommendation of “Hold” from the seven analysts that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $26.00.

A number of analysts recently commented on MTG shares. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $29.00 price objective on shares of MGIC Investment in a research report on Tuesday, December 10th. Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. Barclays increased their target price on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Finally, Royal Bank of Canada cut their price target on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th.

MGIC Investment Trading Up 1.5 %

NYSE:MTG opened at $23.66 on Friday. 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 firm has a market capitalization of $5.99 billion, a price-to-earnings ratio of 8.33, a PEG ratio of 1.75 and a beta of 1.27. The business’s 50-day moving average price is $25.07 and its two-hundred day moving average price is $24.13. MGIC Investment has a 1-year low of $18.68 and a 1-year high of $26.56.

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, beating analysts’ consensus estimates of $0.66 by $0.11. The firm had revenue of $306.65 million during the quarter, compared to analysts’ expectations of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.64 earnings per share. On average, equities analysts expect that MGIC Investment will post 2.85 earnings per share for the current year.

MGIC Investment Dividend Announcement

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

Institutional Trading of MGIC Investment

A number of institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its stake in MGIC Investment by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock valued at $326,375,000 after buying an additional 556,859 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of MGIC Investment in the third quarter valued at about $13,535,000. WINTON GROUP Ltd raised its holdings in MGIC Investment by 440.3% during the second quarter. WINTON GROUP Ltd now owns 521,001 shares of the insurance provider’s stock worth $11,228,000 after acquiring an additional 424,580 shares in the last quarter. Vest Financial LLC boosted its position in MGIC Investment by 22.7% during the second quarter. Vest Financial LLC now owns 1,073,756 shares of the insurance provider’s stock valued at $23,139,000 after purchasing an additional 198,553 shares during the last quarter. Finally, Barclays PLC boosted its position in MGIC Investment by 75.1% during the third quarter. Barclays PLC now owns 457,706 shares of the insurance provider’s stock valued at $11,716,000 after purchasing an additional 196,252 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

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.