MGIC Investment Corporation (NYSE:MTG – Get Free Report) has received an average recommendation of “Hold” from the six analysts that are covering the stock, MarketBeat reports. Four research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $30.60.
A number of equities analysts have commented on the stock. Barclays reduced 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 note on Friday, May 1st. Keefe, Bruyette & Woods increased their price target on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Roth Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of MGIC Investment in a research report on Thursday, July 30th. Royal Bank Of Canada upped their price objective on MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Finally, Weiss Ratings raised MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, July 7th.
Check Out Our Latest Analysis on MTG
MGIC Investment Stock Down 1.1%
MGIC Investment (NYSE:MTG – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.11. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The firm had revenue of $295.39 million for the quarter, compared to analysts’ expectations of $297.54 million. During the same quarter in the previous year, the company posted $0.82 EPS. The company’s revenue was down 2.9% compared to the same quarter last year. As a group, equities analysts anticipate that MGIC Investment will post 3.21 earnings per share for the current year.
MGIC Investment Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Wednesday, August 5th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, August 5th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s dividend payout ratio is 18.75%.
MGIC Investment announced that its Board of Directors has initiated a share repurchase program on Thursday, April 23rd that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Insider Transactions at MGIC Investment
In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the transaction, the chief operating officer owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of the sale, the executive vice president directly owned 169,620 shares in the company, valued at $4,333,791. This trade represents a 10.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.34% of the company’s stock.
Institutional Investors Weigh In On MGIC Investment
Institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in MGIC Investment by 31.3% during the 4th quarter. AQR Capital Management LLC now owns 11,616,282 shares of the insurance provider’s stock valued at $339,428,000 after acquiring an additional 2,771,533 shares during the period. Geode Capital Management LLC increased its stake in MGIC Investment by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock worth $163,368,000 after purchasing an additional 146,589 shares during the period. Allianz Asset Management GmbH increased its stake in MGIC Investment by 1.0% during the fourth quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider’s stock worth $146,397,000 after purchasing an additional 48,064 shares during the period. First Trust Advisors LP lifted its position in shares of MGIC Investment by 1.7% during the fourth quarter. First Trust Advisors LP now owns 4,609,318 shares of the insurance provider’s stock worth $134,684,000 after purchasing an additional 76,306 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of MGIC Investment by 10.7% during the third quarter. Northern Trust Corp now owns 4,561,398 shares of the insurance provider’s stock worth $129,407,000 after purchasing an additional 441,809 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.
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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