MGIC Investment Corporation (NYSE:MTG) Given Consensus Rating of “Hold” by Brokerages

MGIC Investment Corporation (NYSE:MTG) has earned an average rating of “Hold” from the six brokerages that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $26.80.

Several research firms have weighed in on MTG. Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. Barclays upped their target price on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a report on Monday, October 6th.

MGIC Investment Stock Down 0.1%

Shares of NYSE:MTG opened at $28.35 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46. MGIC Investment has a 52-week low of $21.94 and a 52-week high of $29.01. The business’s 50 day simple moving average is $27.72 and its two-hundred day simple moving average is $27.24. The firm has a market cap of $6.34 billion, a P/E ratio of 9.12, a PEG ratio of 1.91 and a beta of 0.92.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.The company had revenue of $304.51 million for the quarter, compared to analyst estimates of $308.16 million. During the same period in the prior year, the firm earned $0.77 earnings per share. MGIC Investment’s revenue for the quarter was down .7% on a year-over-year basis. As a group, research analysts forecast that MGIC Investment will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Thursday, November 6th. MGIC Investment’s dividend payout ratio is presently 19.29%.

Insider Activity

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total value of $844,500.00. Following the transaction, the chief operating officer owned 189,401 shares of the company’s stock, valued at approximately $5,331,638.15. The trade was a 13.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction on Friday, October 31st. The stock was sold at an average price of $27.44, for a total value of $548,800.00. Following the transaction, the executive vice president owned 117,395 shares of the company’s stock, valued at $3,221,318.80. The trade was a 14.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 219,203 shares of company stock valued at $5,989,909 over the last three months. Corporate insiders own 1.05% of the company’s stock.

Institutional Trading of MGIC Investment

Several institutional investors and hedge funds have recently bought and sold shares of MTG. WPG Advisers LLC bought a new stake in shares of MGIC Investment during the 1st quarter valued at about $26,000. True Wealth Design LLC lifted its position in MGIC Investment by 262.5% during the second quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 727 shares during the last quarter. Alpine Bank Wealth Management bought a new stake in MGIC Investment during the third quarter valued at approximately $28,000. Newbridge Financial Services Group Inc. purchased a new position in MGIC Investment in the 3rd quarter worth approximately $28,000. Finally, Hantz Financial Services Inc. increased its holdings in shares of MGIC Investment by 3,067.6% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock worth $30,000 after buying an additional 1,043 shares during the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Company Profile

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.