Brokerages Set MGIC Investment Co. (NYSE:MTG) Price Target at $25.50

Shares of MGIC Investment Co. (NYSE:MTG) have received an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $25.50.

A number of equities analysts recently commented on the company. Roth Mkm lifted their price objective on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Barclays lifted their price objective on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Royal Bank of Canada cut their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Finally, BTIG Research boosted their price target on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th.

MGIC Investment Stock Performance

Shares of MTG stock opened at $25.49 on Wednesday. The business’s 50-day moving average price is $25.19 and its 200-day moving average price is $23.49. MGIC Investment has a 12 month low of $17.31 and a 12 month high of $26.52. The firm has a market capitalization of $6.46 billion, a price-to-earnings ratio of 8.79, a PEG ratio of 1.78 and a beta of 1.28. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11. The company had revenue of $306.65 million for the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.64 earnings per share. Equities research analysts forecast that MGIC Investment will post 2.81 EPS for the current year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.04%. The ex-dividend date was Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

Institutional Investors Weigh In On MGIC Investment

Several hedge funds and other institutional investors have recently modified their holdings of MTG. Dimensional Fund Advisors LP increased its holdings in shares of 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 valued at $326,375,000 after acquiring an additional 556,859 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of MGIC Investment during the third quarter valued at approximately $13,535,000. WINTON GROUP Ltd increased its holdings in shares of MGIC Investment by 440.3% during the second quarter. WINTON GROUP Ltd now owns 521,001 shares of the insurance provider’s stock valued at $11,228,000 after acquiring an additional 424,580 shares in the last quarter. Vest Financial LLC increased its holdings in shares of MGIC Investment by 22.7% during the second quarter. Vest Financial LLC now owns 1,073,756 shares of the insurance provider’s stock valued at $23,139,000 after acquiring an additional 198,553 shares in the last quarter. Finally, Barclays PLC increased its holdings 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 valued at $11,716,000 after acquiring an additional 196,252 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

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.