Brokerages Set MGIC Investment Co. (NYSE:MTG) PT at $26.50

Shares of MGIC Investment Co. (NYSE:MTG) have been given an average rating of “Hold” by the eight ratings firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $26.50.

A number of equities research analysts recently issued reports on the company. Barclays upped their target price on MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Compass Point reaffirmed a “neutral” rating and issued a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Keefe, Bruyette & Woods reduced their target price on MGIC Investment from $28.00 to $26.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 8th. Finally, UBS Group upped their target price on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th.

Insider Buying and Selling at MGIC Investment

In other news, CAO Julie K. Sperber sold 4,600 shares of the 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 transaction, the chief accounting officer now owns 75,070 shares of the company’s stock, valued at approximately $1,842,968.50. This trade represents a 5.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.05% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MGIC Investment

Several institutional investors and hedge funds have recently bought and sold shares of MTG. Barclays PLC increased its position in MGIC Investment by 75.1% in the 3rd quarter. Barclays PLC now owns 457,706 shares of the insurance provider’s stock valued at $11,716,000 after acquiring an additional 196,252 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of MGIC Investment during the fourth quarter valued at approximately $8,362,000. Ritholtz Wealth Management increased its stake in shares of MGIC Investment by 13.4% during the fourth quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider’s stock valued at $2,174,000 after acquiring an additional 10,864 shares during the period. UMB Bank n.a. increased its stake in shares of MGIC Investment by 131.9% during the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock valued at $39,000 after acquiring an additional 938 shares during the period. Finally, Crossmark Global Holdings Inc. increased its stake in shares of MGIC Investment by 13.5% during the fourth quarter. Crossmark Global Holdings Inc. now owns 61,173 shares of the insurance provider’s stock valued at $1,450,000 after acquiring an additional 7,290 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Price Performance

Shares of MTG opened at $26.90 on Wednesday. MGIC Investment has a twelve month low of $20.11 and a twelve month high of $26.92. The stock’s 50 day moving average is $24.45 and its two-hundred day moving average is $24.50. The firm has a market capitalization of $6.39 billion, a PE ratio of 9.28 and a beta of 0.91. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.66 by $0.09. The business had revenue of $306.23 million for the quarter, compared to analyst estimates of $306.66 million. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.65 EPS. Research analysts anticipate that MGIC Investment will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th will be given a $0.13 dividend. The ex-dividend date is Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a yield of 1.93%. MGIC Investment’s payout ratio is currently 17.28%.

MGIC Investment declared that its board has authorized a share repurchase plan on Thursday, April 24th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to purchase up to 12.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

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.