MGIC Investment Co. (NYSE:MTG) Receives $25.86 Average PT from Analysts

MGIC Investment Co. (NYSE:MTG) has been given an average rating of “Hold” by the seven brokerages that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $25.86.

Several brokerages have issued reports on MTG. 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. Royal Bank of Canada reduced their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. Finally, Barclays upped 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.

MGIC Investment Trading Down 3.1 %

NYSE MTG opened at $22.90 on Thursday. MGIC Investment has a 52 week low of $18.68 and a 52 week high of $26.56. The firm has a 50 day moving average of $24.54 and a two-hundred day moving average of $24.40. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $5.80 billion, a PE ratio of 8.06, a price-to-earnings-growth ratio of 1.75 and a beta of 1.29.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. The company had revenue of $306.65 million for the quarter, compared to analysts’ expectations of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. MGIC Investment’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm earned $0.64 earnings per share. As a group, research analysts expect that MGIC Investment will post 2.85 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently announced 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 2.27%. The ex-dividend date was Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

Hedge Funds Weigh In On MGIC Investment

A number of large investors have recently modified their holdings of MTG. Hara Capital LLC acquired a new stake in shares of MGIC Investment during the 3rd quarter valued at approximately $25,000. V Square Quantitative Management LLC purchased a new position in MGIC Investment in the 3rd quarter valued at approximately $33,000. Brooklyn Investment Group acquired a new position in MGIC Investment during the third quarter worth $69,000. Covestor Ltd boosted its position in MGIC Investment by 65.5% during the third quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock worth $87,000 after purchasing an additional 1,341 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of MGIC Investment by 41.7% in the third quarter. GAMMA Investing LLC now owns 4,352 shares of the insurance provider’s stock valued at $111,000 after buying an additional 1,281 shares in the last quarter. 95.58% of the stock is 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.