MGIC Investment (NYSE:MTG) Sets New 1-Year High – Here’s What Happened

MGIC Investment Co. (NYSE:MTG) reached a new 52-week high on Monday . The stock traded as high as $26.56 and last traded at $26.51, with a volume of 752002 shares changing hands. The stock had previously closed at $25.50.

Wall Street Analyst Weigh In

Several analysts recently commented on MTG shares. Royal Bank of Canada dropped their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Barclays upped their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. BTIG Research raised their price target on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, Roth Mkm upped their price objective on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, MGIC Investment currently has a consensus rating of “Moderate Buy” and an average price target of $25.50.

MGIC Investment Stock Performance

The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The firm has a fifty day moving average price of $25.24 and a 200 day moving average price of $23.64. The firm has a market cap of $6.62 billion, a PE ratio of 9.20, a price-to-earnings-growth ratio of 1.91 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. During the same quarter last year, the firm earned $0.64 EPS. The business’s revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts expect that MGIC Investment Co. will post 2.81 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.99%. The ex-dividend date was Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

Institutional Trading of MGIC Investment

A number of hedge funds and other institutional investors have recently modified their holdings of MTG. Dimensional Fund Advisors LP boosted its stake in MGIC Investment by 3.8% during the second 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 during the period. Caisse DE Depot ET Placement DU Quebec purchased a new position in shares of MGIC Investment during the 3rd quarter worth approximately $13,535,000. WINTON GROUP Ltd increased its holdings in MGIC Investment by 440.3% in the 2nd quarter. WINTON GROUP Ltd now owns 521,001 shares of the insurance provider’s stock valued at $11,228,000 after purchasing an additional 424,580 shares during the last quarter. Vest Financial LLC lifted its stake in MGIC Investment by 22.7% during the second quarter. Vest Financial LLC now owns 1,073,756 shares of the insurance provider’s stock worth $23,139,000 after purchasing an additional 198,553 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of MGIC Investment by 75.1% during the third quarter. Barclays PLC now owns 457,706 shares of the insurance provider’s stock worth $11,716,000 after buying an additional 196,252 shares during the period. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Company Profile

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.