MGIC Investment Corp. (NYSE:MTG) declared a quarterly dividend on Friday, July 31st, Wall Street Journal reports. Investors of record on Tuesday, August 11th will be paid a dividend of 0.06 per share by the insurance provider on Friday, August 28th. This represents a $0.24 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Monday, August 10th.
MGIC Investment has a payout ratio of 19.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect MGIC Investment to earn $1.61 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 14.9%.
Shares of MTG opened at $8.27 on Friday. The firm has a market capitalization of $2.80 billion, a PE ratio of 4.45, a price-to-earnings-growth ratio of 1.35 and a beta of 1.85. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.53 and a quick ratio of 0.53. MGIC Investment has a 1-year low of $4.34 and a 1-year high of $15.24. The company’s fifty day moving average price is $7.98 and its 200-day moving average price is $9.32.
MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Thursday, May 7th. The insurance provider reported $0.42 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.42. The firm had revenue of $306.90 million for the quarter, compared to analyst estimates of $304.61 million. MGIC Investment had a net margin of 54.64% and a return on equity of 15.88%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.42 earnings per share. As a group, research analysts anticipate that MGIC Investment will post 1.21 EPS for the current fiscal year.
In related news, Director Jodee A. Kozlak purchased 5,000 shares of MGIC Investment stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average price of $7.82 per share, for a total transaction of $39,100.00. 0.62% of the stock is owned by corporate insiders.
A number of equities research analysts have recently weighed in on the stock. ValuEngine raised shares of MGIC Investment from a “strong sell” rating to a “sell” rating in a report on Thursday, July 2nd. Zacks Investment Research raised shares of MGIC Investment from a “sell” rating to a “hold” rating and set a $8.00 price target on the stock in a report on Thursday, July 16th. B. Riley reiterated a “buy” rating and issued a $13.00 price objective on shares of MGIC Investment in a research report on Thursday, June 18th. BTIG Research reiterated a “buy” rating and issued a $13.00 price objective on shares of MGIC Investment in a research report on Sunday, May 10th. Finally, Deutsche Bank decreased their price objective on shares of MGIC Investment from $18.50 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. MGIC Investment currently has a consensus rating of “Buy” and a consensus target price of $11.59.
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 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.
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