Royal Bank of Canada Issues Pessimistic Forecast for MGIC Investment (NYSE:MTG) Stock Price

MGIC Investment (NYSE:MTG) had its price target decreased by Royal Bank of Canada from $28.00 to $27.00 in a research report released on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the insurance provider’s stock.

A number of other equities research analysts also recently weighed in on the company. Roth Mkm lifted their price objective on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Barclays boosted their price target on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Finally, BTIG Research increased their price objective on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.50.

MGIC Investment Stock Performance

MTG opened at $24.46 on Wednesday. The stock has a market cap of $6.20 billion, a PE ratio of 8.61, a P/E/G ratio of 1.39 and a beta of 1.28. MGIC Investment has a 1 year low of $17.25 and a 1 year high of $26.52. The stock’s 50 day simple moving average is $25.22 and its 200-day simple moving average is $23.22. The company has a current ratio of 1.25, a quick ratio of 1.11 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The company had revenue of $306.65 million during the quarter, compared to analysts’ expectations of $306.03 million. During the same quarter in the prior year, the company posted $0.64 EPS. The business’s revenue was up 3.4% on a year-over-year basis. Sell-side analysts forecast that MGIC Investment will post 2.81 EPS for the current year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors 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 yield of 2.13%. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

Hedge Funds Weigh In On MGIC Investment

Several institutional investors have recently bought and sold shares of MTG. Hara Capital LLC acquired a new stake in shares of MGIC Investment in the third quarter valued at $25,000. Versant Capital Management Inc increased its position in MGIC Investment by 482.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 946 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in MGIC Investment in the 3rd quarter valued at about $33,000. Fidelis Capital Partners LLC bought a new position in shares of MGIC Investment in the first quarter worth about $50,000. Finally, GAMMA Investing LLC lifted its position in shares of MGIC Investment by 76.2% during the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock worth $66,000 after purchasing an additional 1,328 shares in the last quarter. Institutional investors 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.