Analysts Set MGIC Investment Co. (NYSE:MTG) Price Target at $26.00

Shares of MGIC Investment Co. (NYSE:MTG) have earned a consensus recommendation of “Hold” from the seven analysts that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $26.00.

A number of research analysts have weighed in on the company. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $29.00 price target on shares of MGIC Investment in a research note on Tuesday, December 10th. Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and reduced their target price for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. Barclays lifted their price target on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. Finally, Royal Bank of Canada dropped their price objective on shares of 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.

Institutional Trading of MGIC Investment

A number of institutional investors have recently modified their holdings of the company. Hara Capital LLC acquired a new position in MGIC Investment during the third quarter valued at approximately $25,000. V Square Quantitative Management LLC purchased a new position in shares of MGIC Investment in the 3rd quarter valued at $33,000. Brooklyn Investment Group purchased a new position in shares of MGIC Investment in the 3rd quarter valued at $69,000. Covestor Ltd lifted its holdings in shares of MGIC Investment by 65.5% during the 3rd quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock valued at $87,000 after acquiring an additional 1,341 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in MGIC Investment by 233.4% during the 2nd quarter. Blue Trust Inc. now owns 4,985 shares of the insurance provider’s stock worth $111,000 after purchasing an additional 3,490 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Trading Down 1.7 %

Shares of MTG stock opened at $24.29 on Friday. MGIC Investment has a twelve month low of $18.68 and a twelve month high of $26.56. The company has a market capitalization of $6.15 billion, a price-to-earnings ratio of 8.55, a PEG ratio of 1.77 and a beta of 1.27. The firm has a 50-day moving average price of $25.19 and a 200 day moving average price of $24.10. 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 earnings per share for the quarter, beating 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 analyst estimates of $306.03 million. During the same quarter in the previous year, the business posted $0.64 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. Research analysts forecast that MGIC Investment will post 2.85 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently disclosed 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 of this dividend was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.14%. MGIC Investment’s dividend payout ratio (DPR) is 18.31%.

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.