MGIC Investment (NYSE:MTG) Price Target Raised to $26.00

MGIC Investment (NYSE:MTG) had its price target hoisted by UBS Group from $25.00 to $26.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the insurance provider’s stock.

Other equities analysts also recently issued reports about the stock. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. Keefe, Bruyette & Woods reduced their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research report on Wednesday, January 8th. Barclays increased their price objective on MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Royal Bank of Canada cut their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Finally, Compass Point reiterated a “neutral” rating and issued a $27.00 price target (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $26.75.

MGIC Investment Stock Down 1.9 %

MGIC Investment stock opened at $23.97 on Wednesday. The stock has a market capitalization of $6.07 billion, a PE ratio of 8.26 and a beta of 1.29. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. MGIC Investment has a twelve month low of $18.98 and a twelve month high of $26.56. The company has a 50 day moving average of $24.35 and a 200-day moving average of $24.78.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. On average, equities research analysts anticipate that MGIC Investment will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.17%. The ex-dividend date is Tuesday, February 18th. MGIC Investment’s dividend payout ratio is 17.93%.

Insider Buying and Selling at MGIC Investment

In other news, CAO Julie K. Sperber sold 4,600 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the sale, the chief accounting officer now owns 75,070 shares in the company, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.05% of the company’s stock.

Institutional Trading of MGIC Investment

A number of hedge funds have recently modified their holdings of MTG. First Trust Advisors LP lifted its position in MGIC Investment by 22.4% during the fourth quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider’s stock worth $379,561,000 after acquiring an additional 2,928,595 shares during the last quarter. LSV Asset Management lifted its holdings in MGIC Investment by 2.3% during the 4th quarter. LSV Asset Management now owns 10,578,342 shares of the insurance provider’s stock worth $250,812,000 after purchasing an additional 235,916 shares during the last quarter. State Street Corp lifted its holdings in MGIC Investment by 0.8% during the 3rd quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock worth $232,767,000 after purchasing an additional 73,851 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in MGIC Investment by 8.2% during the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock worth $130,289,000 after purchasing an additional 415,586 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of MGIC Investment by 16.6% during the fourth quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider’s stock worth $113,006,000 after buying an additional 677,227 shares in the last quarter. 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.