MGIC Investment Co. (NYSE:MTG) Given Average Rating of “Hold” by Brokerages

MGIC Investment Co. (NYSE:MTG) has earned a consensus recommendation of “Hold” from the seven brokerages that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and two have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $26.00.

A number of analysts recently weighed in on MTG shares. Royal Bank of Canada decreased their price target on 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. Barclays boosted their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $29.00 price objective on shares of MGIC Investment in a research note on Tuesday, December 10th. Finally, Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $26.00 to $25.00 in a research report on Monday, December 9th.

MGIC Investment Stock Performance

NYSE:MTG opened at $24.55 on Friday. The firm has a market cap of $6.22 billion, a price-to-earnings ratio of 8.64, a price-to-earnings-growth ratio of 1.77 and a beta of 1.27. 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 1-year low of $18.68 and a 1-year high of $26.56. The firm’s fifty day moving average price is $25.22 and its 200 day moving average price is $24.03.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The firm had revenue of $306.65 million during the quarter, compared to analysts’ expectations of $306.03 million. During the same period in the prior year, the company posted $0.64 earnings per share. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, sell-side analysts expect that MGIC Investment will post 2.85 EPS for the current year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend was Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. State of Alaska Department of Revenue grew its holdings in MGIC Investment by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock valued at $3,858,000 after buying an additional 540 shares during the last quarter. Nations Financial Group Inc. IA ADV increased its position in MGIC Investment by 1.6% during the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 35,306 shares of the insurance provider’s stock worth $761,000 after purchasing an additional 565 shares in the last quarter. Lindenwold Advisors INC raised its stake in MGIC Investment by 3.7% in the 3rd quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock valued at $425,000 after purchasing an additional 592 shares during the last quarter. Fortem Financial Group LLC lifted its holdings in MGIC Investment by 1.0% in the 2nd quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider’s stock valued at $1,626,000 after purchasing an additional 747 shares in the last quarter. Finally, Financial Strategies Group Inc. boosted its stake in shares of MGIC Investment by 9.2% during the 3rd quarter. Financial Strategies Group Inc. now owns 11,440 shares of the insurance provider’s stock worth $295,000 after purchasing an additional 966 shares during the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

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.