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

MGIC Investment Co. (NYSE:MTG) has received a consensus rating of “Hold” from the five analysts that are currently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $21.83.

Several analysts recently issued reports on MTG shares. Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $24.00 to $25.00 in a report on Monday, June 3rd. UBS Group upped their target price on shares of MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a research note on Wednesday, May 22nd.

Hedge Funds Weigh In On MGIC Investment

A number of hedge funds have recently made changes to their positions in MTG. Norges Bank acquired a new position in shares of MGIC Investment in the 4th quarter valued at $62,047,000. NFC Investments LLC acquired a new position in shares of MGIC Investment in the 4th quarter valued at $37,183,000. Invesco Ltd. raised its stake in shares of MGIC Investment by 47.3% in the 3rd quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock valued at $52,983,000 after buying an additional 1,019,759 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of MGIC Investment by 30.3% in the 3rd quarter. AQR Capital Management LLC now owns 4,233,477 shares of the insurance provider’s stock valued at $70,657,000 after buying an additional 985,512 shares in the last quarter. Finally, Jupiter Asset Management Ltd. raised its stake in shares of MGIC Investment by 134.8% in the 1st quarter. Jupiter Asset Management Ltd. now owns 1,537,972 shares of the insurance provider’s stock valued at $34,389,000 after buying an additional 882,984 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Price Performance

NYSE MTG opened at $21.55 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $20.86 and a 200 day simple moving average of $20.25. The company has a market cap of $5.74 billion, a P/E ratio of 8.29, a P/E/G ratio of 7.15 and a beta of 1.24. MGIC Investment has a 1 year low of $15.19 and a 1 year high of $22.43.

MGIC Investment (NYSE:MTG) last posted 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 business had revenue of $294.40 million during the quarter, compared to the consensus estimate of $301.62 million. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. MGIC Investment’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 EPS. On average, sell-side analysts predict that MGIC Investment will post 2.52 EPS for the current year.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 21st. Investors of record on Thursday, May 9th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend was Wednesday, May 8th. MGIC Investment’s payout ratio is currently 17.69%.

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.