MGIC Investment Co. (NYSE:MTG) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of MGIC Investment Co. (NYSE:MTG) have earned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $25.50.

A number of brokerages have recently issued reports on MTG. BTIG Research upped their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Barclays upped their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. Roth Mkm upped their target price on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada decreased their price target on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th.

MGIC Investment Trading Down 0.9 %

Shares of NYSE:MTG opened at $24.57 on Wednesday. The company’s 50-day moving average price is $25.18 and its two-hundred day moving average price is $23.44. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. MGIC Investment has a one year low of $17.31 and a one year high of $26.52. The stock has a market capitalization of $6.23 billion, a PE ratio of 8.65, a price-to-earnings-growth ratio of 1.81 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.66 by $0.11. The firm had revenue of $306.65 million for the quarter, compared to analysts’ expectations of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 EPS. On average, equities analysts forecast that MGIC Investment will post 2.81 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.12%. MGIC Investment’s payout ratio is presently 18.31%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vestcor Inc grew its position in shares of MGIC Investment by 559.3% during the 3rd quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock worth $1,538,000 after purchasing an additional 50,979 shares in the last quarter. Barclays PLC grew its position in shares of MGIC Investment by 75.1% during the 3rd quarter. Barclays PLC now owns 457,706 shares of the insurance provider’s stock worth $11,716,000 after purchasing an additional 196,252 shares in the last quarter. Zacks Investment Management acquired a new position in shares of MGIC Investment during the 3rd quarter worth approximately $2,447,000. EP Wealth Advisors LLC acquired a new position in shares of MGIC Investment during the 3rd quarter worth approximately $1,152,000. Finally, Jane Street Group LLC boosted its position in shares of MGIC Investment by 3.7% during the 3rd quarter. Jane Street Group LLC now owns 373,569 shares of the insurance provider’s stock worth $9,563,000 after acquiring an additional 13,397 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Company Profile

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.