Shares of MGIC Investment Corporation (NYSE:MTG – Get Free Report) have been given a consensus recommendation of “Moderate Buy” by the eight ratings firms that are covering the firm, Marketbeat reports. Five analysts have rated the stock with a hold rating, one has given a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $30.80.
Several equities research analysts recently issued reports on MTG shares. BTIG Research initiated coverage on MGIC Investment in a report on Tuesday, September 22nd. They issued a “hold” rating on the stock. Zacks Research raised MGIC Investment from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 25th. Keefe, Bruyette & Woods boosted their price target on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. Barclays increased their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the stock an “equal weight” rating in a report on Monday, October 5th. Finally, Royal Bank Of Canada raised their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a research report on Friday, July 31st.
Get Our Latest Research Report on MGIC Investment
Insider Activity
In related news, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $30.30, for a total transaction of $606,000.00. Following the completion of the sale, the executive vice president owned 149,620 shares in the company, valued at $4,533,486. The trade was a 11.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 137,114 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $26.23, for a total value of $3,596,500.22. Following the sale, the chief executive officer owned 843,778 shares of the company’s stock, valued at approximately $22,132,296.94. The trade was a 13.98% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 217,114 shares of company stock worth $5,906,200. 1.34% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On MGIC Investment
A number of institutional investors have recently modified their holdings of the business. CWA Asset Management Group LLC raised its position in MGIC Investment by 9.4% in the 3rd quarter. CWA Asset Management Group LLC now owns 95,103 shares of the insurance provider’s stock valued at $2,457,000 after purchasing an additional 8,158 shares during the last quarter. IFP Advisors Inc grew its holdings in shares of MGIC Investment by 61.6% during the third quarter. IFP Advisors Inc now owns 3,438 shares of the insurance provider’s stock worth $89,000 after purchasing an additional 1,310 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new stake in shares of MGIC Investment during the third quarter worth $235,000. V Square Quantitative Management LLC increased its stake in shares of MGIC Investment by 91.2% in the third quarter. V Square Quantitative Management LLC now owns 1,363 shares of the insurance provider’s stock valued at $35,000 after buying an additional 650 shares in the last quarter. Finally, Krilogy Financial LLC increased its stake in shares of MGIC Investment by 24.7% in the third quarter. Krilogy Financial LLC now owns 17,585 shares of the insurance provider’s stock valued at $475,000 after buying an additional 3,487 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.
MGIC Investment Stock Performance
MGIC Investment stock opened at $27.76 on Tuesday. The firm has a 50 day simple moving average of $29.50 and a 200-day simple moving average of $28.20. MGIC Investment has a 1-year low of $24.69 and a 1-year high of $31.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. The stock has a market cap of $5.69 billion, a price-to-earnings ratio of 8.68, a price-to-earnings-growth ratio of 0.71 and a beta of 0.67.
MGIC Investment (NYSE:MTG – Get Free Report) last posted its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.11. The company had revenue of $295.39 million for the quarter, compared to the consensus estimate of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.82 earnings per share. On average, analysts expect that MGIC Investment will post 3.24 EPS for the current year.
MGIC Investment Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were issued a dividend of $0.17 per share. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, August 5th. This represents a $0.68 annualized dividend and a yield of 2.4%. MGIC Investment’s dividend payout ratio (DPR) is currently 21.25%.
MGIC Investment Company Profile
MGIC Investment Corporation (NYSE:MTG) is a holding company whose principal subsidiary is Mortgage Guaranty Insurance Corporation (MGIC), a provider of private mortgage insurance in the United States. MGIC’s insurance helps protect mortgage lenders and investors against losses when borrowers default, enabling qualified homebuyers to obtain mortgages with smaller down payments.
MGIC primarily offers primary mortgage insurance for residential loans, working with mortgage lenders, banks and other housing-finance institutions.
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