MGIC Investment Co. (NYSE:MTG) Given Consensus Recommendation of “Hold” by Analysts

MGIC Investment Co. (NYSE:MTG) has received a consensus recommendation of “Hold” from the eight analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $26.75.

Several analysts have weighed in on MTG shares. Keefe, Bruyette & Woods cut their price objective on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research report on Wednesday, January 8th. Compass Point restated a “neutral” rating and set a $27.00 price target (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Barclays increased their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Royal Bank of Canada dropped their target price on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Finally, Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $26.00 to $25.00 in a research note on Monday, December 9th.

Insider Activity at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $24.55, for a total value of $112,930.00. Following the completion of the transaction, the chief accounting officer now directly owns 75,070 shares in the company, valued at $1,842,968.50. The trade was a 5.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.05% of the stock is currently owned by insiders.

Institutional Trading of MGIC Investment

A number of institutional investors and hedge funds have recently modified their holdings of MTG. Norges Bank bought a new position in shares of MGIC Investment during the fourth quarter valued at $85,908,000. First Trust Advisors LP raised its position in MGIC Investment by 22.4% in the 4th quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider’s stock worth $379,561,000 after buying an additional 2,928,595 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in MGIC Investment by 292.0% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,072,629 shares of the insurance provider’s stock valued at $49,142,000 after acquiring an additional 1,543,908 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of MGIC Investment by 259.4% during the 4th quarter. BNP Paribas Financial Markets now owns 1,105,399 shares of the insurance provider’s stock valued at $26,209,000 after acquiring an additional 797,852 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of MGIC Investment by 16.6% in the fourth quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider’s stock worth $113,006,000 after acquiring an additional 677,227 shares during the period. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Performance

NYSE:MTG opened at $23.66 on Friday. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. The firm’s fifty day simple moving average is $24.39 and its 200 day simple moving average is $24.83. The stock has a market cap of $5.74 billion, a P/E ratio of 8.16 and a beta of 1.29. MGIC Investment has a twelve month low of $19.26 and a twelve month high of $26.56.

MGIC Investment (NYSE:MTG) last posted its earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. As a group, research analysts predict that MGIC Investment will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date is Tuesday, February 18th. MGIC Investment’s payout ratio is 17.93%.

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.