Brokerages Set MGIC Investment Co. (NYSE:MTG) Price Target at $21.83

Shares of MGIC Investment Co. (NYSE:MTG) have received a consensus recommendation of “Hold” from the five ratings firms that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $21.83.

A number of equities research analysts have commented on MTG shares. Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $24.00 to $25.00 in a research report on Monday, June 3rd. UBS Group increased their price objective on shares of MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a research report on Wednesday, May 22nd.

Institutional Trading of MGIC Investment

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC acquired a new stake in MGIC Investment during the 4th quarter worth $30,000. Pacific Capital Wealth Advisors Inc. acquired a new stake in shares of MGIC Investment in the 4th quarter worth $31,000. Quarry LP lifted its stake in shares of MGIC Investment by 244.4% in the 4th quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after acquiring an additional 1,403 shares during the period. CWM LLC lifted its stake in shares of MGIC Investment by 249.1% in the 1st quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 1,552 shares during the period. Finally, Blue Trust Inc. lifted its stake in shares of MGIC Investment by 49.2% in the 4th quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider’s stock worth $50,000 after acquiring an additional 849 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Price Performance

Shares of MTG opened at $21.23 on Friday. MGIC Investment has a fifty-two week low of $15.19 and a fifty-two week high of $22.43. The firm’s 50 day moving average price is $20.83 and its 200 day moving average price is $20.22. The company has a market cap of $5.66 billion, a P/E ratio of 8.17, a PEG ratio of 7.20 and a beta of 1.24. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.05. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The firm had revenue of $294.40 million for the quarter, compared to the consensus estimate of $301.62 million. During the same period in the prior year, the firm earned $0.54 EPS. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, research analysts forecast that MGIC Investment will post 2.52 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 21st. Investors of record on Thursday, May 9th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend was Wednesday, May 8th. MGIC Investment’s dividend payout ratio is currently 17.69%.

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.