MGIC Investment (NYSE:MTG) Price Target Increased to $30.00 by Analysts at Roth Mkm

MGIC Investment (NYSE:MTG) had its price target hoisted by Roth Mkm from $24.00 to $30.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a buy rating on the insurance provider’s stock.

Other research analysts have also recently issued research reports about the company. UBS Group boosted their price objective on MGIC Investment from $21.00 to $22.00 and gave the stock a neutral rating in a research report on Wednesday, May 22nd. Keefe, Bruyette & Woods raised MGIC Investment from a market perform rating to an outperform rating and upped their price target for the company from $24.00 to $25.00 in a research report on Monday, June 3rd. Finally, Barclays upped their price target on MGIC Investment from $21.00 to $23.00 and gave the company an equal weight rating in a research report on Friday. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, MGIC Investment currently has an average rating of Hold and an average price target of $23.50.

MGIC Investment Price Performance

NYSE:MTG traded down $0.37 during trading hours on Friday, hitting $24.14. The company’s stock had a trading volume of 2,724,839 shares, compared to its average volume of 1,719,740. The stock has a fifty day simple moving average of $22.03 and a 200-day simple moving average of $20.90. The company has a market capitalization of $6.26 billion, a P/E ratio of 9.28, a PEG ratio of 3.02 and a beta of 1.28. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.05. MGIC Investment has a twelve month low of $16.30 and a twelve month high of $25.93.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.62 by $0.15. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The firm had revenue of $305.28 million during the quarter, compared to the consensus estimate of $301.02 million. During the same period last year, the company earned $0.68 earnings per share. The business’s quarterly revenue was up 5.0% on a year-over-year basis. On average, analysts anticipate that MGIC Investment will post 2.54 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be issued a dividend of $0.13 per share. This is a boost from MGIC Investment’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.52 dividend on an annualized basis and a yield of 2.15%. MGIC Investment’s dividend payout ratio is 17.69%.

Institutional Trading of MGIC Investment

Institutional investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc lifted its holdings in MGIC Investment by 482.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 946 shares in the last quarter. GAMMA Investing LLC bought a new position in MGIC Investment in the 4th quarter worth about $30,000. Pacific Capital Wealth Advisors Inc. bought a new position in MGIC Investment in the 4th quarter worth about $31,000. Quarry LP increased its stake in MGIC Investment by 244.4% in the 4th quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after acquiring an additional 1,403 shares during the last quarter. Finally, CWM LLC increased its stake in MGIC Investment by 249.1% in the 1st quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 1,552 shares during the last quarter. Hedge funds and other 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.