MGIC Investment Co. (NYSE:MTG) Receives Average Rating of “Hold” from Analysts

Shares of MGIC Investment Co. (NYSE:MTG) have been assigned a consensus rating of “Hold” from the seven brokerages that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $25.86.

MTG has been the subject of a number of research analyst reports. Royal Bank of Canada lowered their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and dropped their target price for the company from $26.00 to $25.00 in a research report on Monday, December 9th. Barclays boosted their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods dropped their price objective on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a report on Wednesday, January 8th.

MGIC Investment Price Performance

MGIC Investment stock opened at $23.17 on Thursday. 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 company has a fifty day simple moving average of $24.53 and a 200-day simple moving average of $24.44. The stock has a market cap of $5.87 billion, a P/E ratio of 8.16, a price-to-earnings-growth ratio of 1.75 and a beta of 1.29. MGIC Investment has a 12-month low of $18.68 and a 12-month high of $26.56.

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 return on equity of 14.99% and a net margin of 64.09%. The company had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. During the same period in the previous year, the business earned $0.64 EPS. MGIC Investment’s revenue for the quarter was up 3.4% on a year-over-year basis. Equities analysts expect that MGIC Investment will post 2.85 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were issued a $0.13 dividend. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.24%. MGIC Investment’s payout ratio is 18.31%.

Hedge Funds Weigh In On MGIC Investment

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Franklin Resources Inc. lifted its position in MGIC Investment by 6.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after acquiring an additional 98,369 shares during the period. GSA Capital Partners LLP raised its stake in shares of MGIC Investment by 154.1% during the third quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider’s stock worth $2,476,000 after purchasing an additional 58,664 shares during the last quarter. Vestcor Inc lifted its holdings in shares of MGIC Investment by 559.3% during the third quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock worth $1,538,000 after purchasing an additional 50,979 shares during the period. Edgestream Partners L.P. grew its position in MGIC Investment by 153.9% in the 2nd quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider’s stock valued at $5,279,000 after buying an additional 148,494 shares during the last quarter. Finally, Hancock Whitney Corp acquired a new position in MGIC Investment in the 3rd quarter valued at $777,000. 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.