MGIC Investment Co. (NYSE:MTG) Given Consensus Rating of “Moderate Buy” by Analysts

MGIC Investment Co. (NYSE:MTG) has been given an average rating of “Moderate Buy” by the six brokerages that are currently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $24.50.

Several research analysts recently weighed in on the company. Roth Mkm increased their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. BTIG Research raised their price objective on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Barclays increased their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th.

MGIC Investment Stock Down 5.9 %

MTG opened at $23.57 on Friday. MGIC Investment has a 12 month low of $16.95 and a 12 month high of $26.52. The business has a 50-day moving average of $25.31 and a two-hundred day moving average of $23.06. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $6.11 billion, a price-to-earnings ratio of 8.70, a price-to-earnings-growth ratio of 1.35 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.62 by $0.15. The firm had revenue of $305.28 million during the quarter, compared to analyst estimates of $301.02 million. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. MGIC Investment’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.68 earnings per share. On average, research analysts expect that MGIC Investment will post 2.76 earnings per share for the current year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is 19.19%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MTG. Dimensional Fund Advisors LP lifted its holdings 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 worth $326,375,000 after buying an additional 556,859 shares in the last quarter. LSV Asset Management boosted its holdings in MGIC Investment by 1.6% in the first quarter. LSV Asset Management now owns 10,983,325 shares of the insurance provider’s stock valued at $245,587,000 after purchasing an additional 174,609 shares during the last quarter. Clearbridge Investments LLC grew its stake in MGIC Investment by 2.4% during the 1st quarter. Clearbridge Investments LLC now owns 6,008,042 shares of the insurance provider’s stock valued at $134,340,000 after purchasing an additional 139,562 shares in the last quarter. American Century Companies Inc. increased its holdings in MGIC Investment by 1.5% during the 2nd quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock worth $73,167,000 after purchasing an additional 50,307 shares during the last quarter. Finally, Jupiter Asset Management Ltd. raised its position 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 purchasing an additional 882,984 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

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.