MGIC Investment Corporation (NYSE:MTG – Free Report) – Equities research analysts at Zacks Research reduced their FY2028 earnings per share estimates for shares of MGIC Investment in a research report issued on Tuesday, June 30th. Zacks Research analyst Team now anticipates that the insurance provider will earn $3.22 per share for the year, down from their previous estimate of $3.28. The consensus estimate for MGIC Investment’s current full-year earnings is $3.05 per share.
MTG has been the topic of a number of other reports. Barclays dropped their target price on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. UBS Group reduced their price target on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, March 12th. Royal Bank Of Canada initiated coverage on shares of MGIC Investment in a research note on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 price objective for the company. Keefe, Bruyette & Woods raised their price objective on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, April 10th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of MGIC Investment in a research report on Monday, June 15th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $28.25.
MGIC Investment Stock Down 0.2%
Shares of NYSE:MTG opened at $28.18 on Wednesday. The company has a market capitalization of $5.96 billion, a PE ratio of 8.94, a P/E/G ratio of 1.95 and a beta of 0.68. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13. MGIC Investment has a twelve month low of $24.69 and a twelve month high of $29.97. The firm has a 50 day simple moving average of $26.52 and a 200-day simple moving average of $27.00.
MGIC Investment (NYSE:MTG – Get Free Report) last issued its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The business had revenue of $297.08 million for the quarter, compared to analyst estimates of $303.12 million. During the same quarter last year, the company earned $0.75 EPS. The business’s quarterly revenue was down 3.0% on a year-over-year basis.
MGIC Investment Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Wednesday, May 6th. MGIC Investment’s dividend payout ratio (DPR) is presently 19.05%.
MGIC Investment declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 23rd that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Insider Buying and Selling at MGIC Investment
In other MGIC Investment news, CEO Timothy J. Mattke sold 139,202 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.49, for a total transaction of $3,687,460.98. Following the completion of the sale, the chief executive officer directly owned 1,118,005 shares of the company’s stock, valued at $29,615,952.45. This represents a 11.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the sale, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 190,139 shares of company stock worth $4,983,801. 1.34% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in MTG. Compound Planning Inc. grew its position in MGIC Investment by 5.3% during the third quarter. Compound Planning Inc. now owns 7,788 shares of the insurance provider’s stock worth $221,000 after buying an additional 389 shares during the period. SBI Securities Co. Ltd. grew its position in shares of MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 420 shares during the period. Oregon Public Employees Retirement Fund boosted its position in shares of MGIC Investment by 1.1% in the first quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock worth $1,181,000 after acquiring an additional 481 shares during the last quarter. Lido Advisors LLC boosted its holdings in shares of MGIC Investment by 2.2% in the 4th quarter. Lido Advisors LLC now owns 23,799 shares of the insurance provider’s stock valued at $689,000 after purchasing an additional 522 shares during the last quarter. Finally, Victory Financial Group LLC boosted its holdings in MGIC Investment by 1.9% in the third quarter. Victory Financial Group LLC now owns 27,994 shares of the insurance provider’s stock valued at $794,000 after acquiring an additional 535 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.
About MGIC Investment
MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.
The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.
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