MGIC Investment (NYSE:MTG) Price Target Raised to $23.00 at Barclays

MGIC Investment (NYSE:MTG) had its price objective boosted by Barclays from $21.00 to $23.00 in a research note issued to investors on Friday morning, Benzinga reports. Barclays currently has an equal weight rating on the insurance provider’s stock.

MTG has been the topic of several other research reports. Keefe, Bruyette & Woods upgraded shares of MGIC Investment from a market perform rating to an outperform rating and raised their price target for the company from $24.00 to $25.00 in a report on Monday, June 3rd. UBS Group raised their price target on shares of MGIC Investment from $21.00 to $22.00 and gave the company a neutral rating in a report on Wednesday, May 22nd. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, MGIC Investment currently has an average rating of Hold and an average price target of $23.50.

MGIC Investment Trading Down 1.5 %

Shares of MTG traded down $0.37 during mid-day trading on Friday, hitting $24.14. The company had a trading volume of 2,724,839 shares, compared to its average volume of 1,719,740. The business’s 50-day simple moving average is $22.03 and its 200-day simple moving average is $20.90. The company has a quick ratio of 1.05, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. MGIC Investment has a 1-year low of $16.30 and a 1-year high of $25.93. The stock has a market cap of $6.26 billion, a PE ratio of 9.28, a P/E/G ratio of 3.02 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.15. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The business had revenue of $305.28 million for the quarter, compared to analysts’ expectations of $301.02 million. During the same period last year, the company earned $0.68 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. Sell-side analysts forecast that MGIC Investment will post 2.54 earnings per share for the current year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.15%. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.12. MGIC Investment’s dividend payout ratio (DPR) is currently 17.69%.

Institutional Trading of MGIC Investment

Hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc grew its position in shares of MGIC Investment by 482.7% during the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after buying an additional 946 shares in the last quarter. GAMMA Investing LLC acquired a new position in MGIC Investment in the fourth quarter worth $30,000. Pacific Capital Wealth Advisors Inc. acquired a new position in MGIC Investment in the fourth quarter worth $31,000. Quarry LP boosted its holdings in MGIC Investment by 244.4% in the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 1,403 shares during the period. Finally, CWM LLC boosted its holdings in MGIC Investment by 249.1% in the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 1,552 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

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.