MGIC Investment (NYSE:MTG) PT Raised to $22.00

MGIC Investment (NYSE:MTG) had its price objective hoisted by UBS Group from $21.00 to $22.00 in a research note released on Wednesday morning, Benzinga reports. UBS Group currently has a neutral rating on the insurance provider’s stock.

A number of other brokerages also recently commented on MTG. Royal Bank of Canada lifted their price objective on MGIC Investment from $18.00 to $21.00 and gave the company a sector perform rating in a research report on Friday, February 2nd. Roth Mkm lifted their price objective on MGIC Investment from $21.00 to $24.00 and gave the company a buy rating in a research report on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a market perform rating and issued a $24.00 price objective (up previously from $23.50) on shares of MGIC Investment in a research report on Thursday, April 4th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $21.67.

MGIC Investment Stock Performance

Shares of MTG stock opened at $20.56 on Wednesday. The stock has a fifty day moving average price of $20.82 and a 200 day moving average price of $19.65. The stock has a market cap of $5.48 billion, a PE ratio of 7.91, a P/E/G ratio of 6.89 and a beta of 1.24. MGIC Investment has a 1 year low of $14.73 and a 1 year high of $22.43. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.05 and a current ratio of 1.05.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.05. The firm had revenue of $294.40 million during the quarter, compared to analysts’ expectations of $301.62 million. MGIC Investment had a return on equity of 15.00% and a net margin of 62.85%. MGIC Investment’s revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.54 earnings per share. Sell-side analysts forecast that MGIC Investment will post 2.51 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 21st. Investors of record on Thursday, May 9th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date was Wednesday, May 8th. MGIC Investment’s payout ratio is currently 17.69%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MTG. GAMMA Investing LLC acquired a new position in shares of MGIC Investment during the fourth quarter worth about $30,000. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of MGIC Investment during the fourth quarter worth about $31,000. Quarry LP lifted its stake in shares of MGIC Investment by 244.4% during the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 1,403 shares in the last quarter. CWM LLC lifted its stake in shares of MGIC Investment by 249.1% in the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 1,552 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in shares of MGIC Investment by 49.2% in the fourth quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider’s stock worth $50,000 after acquiring an additional 849 shares in the last quarter. Institutional investors and hedge funds 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.