MGIC Investment Co. (NYSE:MTG) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of MGIC Investment Co. (NYSE:MTGGet Rating) have been assigned a consensus rating of “Moderate Buy” from the seven ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $17.92.

MTG has been the topic of several research reports. BTIG Research lowered their price target on MGIC Investment from $18.00 to $17.00 in a research note on Tuesday, April 12th. Royal Bank of Canada raised MGIC Investment from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $15.00 to $16.00 in a report on Thursday, June 23rd. Finally, StockNews.com raised MGIC Investment from a “hold” rating to a “buy” rating in a report on Friday, May 13th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of MGIC Investment by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 33,025,974 shares of the insurance provider’s stock worth $447,501,000 after acquiring an additional 1,166,300 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of MGIC Investment by 0.5% in the 1st quarter. BlackRock Inc. now owns 27,872,353 shares of the insurance provider’s stock worth $377,670,000 after acquiring an additional 127,008 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of MGIC Investment by 38.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 10,458,631 shares of the insurance provider’s stock worth $141,715,000 after acquiring an additional 2,904,381 shares in the last quarter. Bank of Nova Scotia boosted its holdings in shares of MGIC Investment by 18.6% in the 1st quarter. Bank of Nova Scotia now owns 9,803,863 shares of the insurance provider’s stock worth $132,842,000 after acquiring an additional 1,534,540 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of MGIC Investment by 14.8% in the 1st quarter. JPMorgan Chase & Co. now owns 9,608,483 shares of the insurance provider’s stock worth $130,194,000 after acquiring an additional 1,235,554 shares in the last quarter. 94.10% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Trading Up 0.7 %

MGIC Investment stock opened at $13.64 on Thursday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.61 and a current ratio of 0.61. The business’s 50-day simple moving average is $13.04 and its 200-day simple moving average is $13.98. The firm has a market capitalization of $4.22 billion, a PE ratio of 6.96, a PEG ratio of 1.16 and a beta of 1.47. MGIC Investment has a 52 week low of $11.38 and a 52 week high of $16.84.

MGIC Investment (NYSE:MTGGet Rating) last posted its quarterly earnings data on Wednesday, May 4th. The insurance provider reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The business had revenue of $294.60 million for the quarter, compared to analyst estimates of $292.28 million. MGIC Investment had a return on equity of 14.61% and a net margin of 55.82%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 earnings per share. Equities research analysts forecast that MGIC Investment will post 2.27 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 26th. Stockholders of record on Thursday, May 12th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Wednesday, May 11th. MGIC Investment’s payout ratio is currently 16.33%.

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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Analyst Recommendations for MGIC Investment (NYSE:MTG)

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