MGIC Investment Co. (NYSE:MTG) Receives Average Recommendation of “Moderate Buy” from Analysts

MGIC Investment Co. (NYSE:MTG) has been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $24.50.

A number of research firms recently commented on MTG. BTIG Research lifted their target price on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. 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 report on Tuesday, October 8th. Finally, Roth Mkm lifted their price objective on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 2nd.

Institutional Investors Weigh In On MGIC Investment

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its holdings in shares of MGIC Investment by 26.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 86,581 shares of the insurance provider’s stock worth $1,936,000 after acquiring an additional 18,127 shares during the last quarter. Measured Wealth Private Client Group LLC lifted its stake in MGIC Investment by 3.1% during the first quarter. Measured Wealth Private Client Group LLC now owns 60,508 shares of the insurance provider’s stock worth $1,353,000 after purchasing an additional 1,837 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of MGIC Investment by 36.5% during the first quarter. Van ECK Associates Corp now owns 104,757 shares of the insurance provider’s stock worth $2,342,000 after buying an additional 28,019 shares during the period. Centric Wealth Management grew its stake in shares of MGIC Investment by 5.9% in the first quarter. Centric Wealth Management now owns 117,737 shares of the insurance provider’s stock valued at $2,633,000 after buying an additional 6,524 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in MGIC Investment by 54.9% during the 1st quarter. BNP Paribas Financial Markets now owns 179,179 shares of the insurance provider’s stock worth $4,006,000 after acquiring an additional 63,530 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Up 0.6 %

Shares of MGIC Investment stock opened at $25.36 on Friday. The firm’s 50 day moving average price is $25.32 and its 200-day moving average price is $23.01. The company has a market cap of $6.57 billion, a P/E ratio of 9.36, a PEG ratio of 1.32 and a beta of 1.28. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. MGIC Investment has a 52-week low of $16.47 and a 52-week high of $26.52.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.62 by $0.15. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The firm had revenue of $305.28 million during the quarter, compared to analyst estimates of $301.02 million. During the same period last year, the firm posted $0.68 EPS. MGIC Investment’s revenue was up 5.0% on a year-over-year basis. On average, sell-side analysts predict that MGIC Investment will post 2.76 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be issued a $0.13 dividend. The ex-dividend date is Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 2.05%. MGIC Investment’s payout ratio is 19.19%.

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.