MGIC Investment (NYSE:MTG) Upgraded to Outperform at Royal Bank of Canada

Royal Bank of Canada upgraded shares of MGIC Investment (NYSE:MTG – Get Rating) from a sector perform rating to an outperform rating in a report published on Thursday, MarketBeat Ratings reports. Royal Bank of Canada currently has $16.00 price objective on the insurance provider’s stock, up from their previous price objective of $15.00.

Several other equities research analysts have also recently commented on MTG. BTIG Research cut their price target on shares of MGIC Investment from $18.00 to $17.00 in a research report on Tuesday, April 12th. StockNews.com raised shares of MGIC Investment from a hold rating to a buy rating in a research report on Friday, May 13th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $17.92.

Shares of MGIC Investment stock opened at $12.45 on Thursday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.61 and a quick ratio of 0.61. The firm has a market cap of $3.85 billion, a P/E ratio of 6.35, a P/E/G ratio of 1.03 and a beta of 1.49. The firm has a 50 day simple moving average of $13.18 and a 200 day simple moving average of $14.14. MGIC Investment has a fifty-two week low of $11.38 and a fifty-two week high of $16.84.

MGIC Investment (NYSE:MTG – Get Rating) last released its earnings results on Wednesday, May 4th. The insurance provider reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. MGIC Investment had a net margin of 55.82% and a return on equity of 14.61%. The firm had revenue of $294.60 million during the quarter, compared to analyst estimates of $292.28 million. During the same quarter in the previous year, the business earned $0.42 EPS. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts expect that MGIC Investment will post 2.27 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 26th. Stockholders of record on Thursday, May 12th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, May 11th. This represents a $0.32 annualized dividend and a dividend yield of 2.57%. MGIC Investment’s dividend payout ratio is presently 16.33%.

Several institutional investors have recently added to or reduced their stakes in MTG. EagleClaw Capital Managment LLC increased its stake in shares of MGIC Investment by 1.6% during the 3rd quarter. EagleClaw Capital Managment LLC now owns 63,450 shares of the insurance provider’s stock worth $949,000 after purchasing an additional 1,000 shares during the last quarter. LPL Financial LLC grew its stake in MGIC Investment by 3.7% in the 3rd quarter. LPL Financial LLC now owns 135,018 shares of the insurance provider’s stock valued at $2,020,000 after buying an additional 4,866 shares during the last quarter. Janus Henderson Group PLC grew its stake in MGIC Investment by 0.6% in the 3rd quarter. Janus Henderson Group PLC now owns 5,157,057 shares of the insurance provider’s stock valued at $77,149,000 after buying an additional 31,122 shares during the last quarter. Captrust Financial Advisors grew its stake in MGIC Investment by 8.2% in the 3rd quarter. Captrust Financial Advisors now owns 15,034 shares of the insurance provider’s stock valued at $225,000 after buying an additional 1,133 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC grew its stake in MGIC Investment by 28.0% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 113,966 shares of the insurance provider’s stock valued at $1,705,000 after buying an additional 24,910 shares during the last quarter. Institutional investors own 94.10% of the company’s stock.

About MGIC Investment (Get Rating)

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, 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.

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