MGIC Investment (NYSE:MTG) Price Target Raised to $29.00 at Barclays

MGIC Investment (NYSE:MTG) had its target price boosted by Barclays from $28.00 to $29.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the insurance provider’s stock.

MTG has been the subject of several other research reports. Keefe, Bruyette & Woods increased their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a report on Thursday, December 18th. Weiss Ratings downgraded MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, February 5th. Finally, UBS Group cut their price objective on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a report on Thursday, March 12th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $28.25.

MGIC Investment Trading Up 1.9%

NYSE:MTG opened at $27.02 on Monday. MGIC Investment has a twelve month low of $21.94 and a twelve month high of $29.97. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $26.48 and a two-hundred day moving average price of $27.47. The company has a market cap of $5.81 billion, a P/E ratio of 8.60, a price-to-earnings-growth ratio of 2.11 and a beta of 0.79.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.During the same quarter in the prior year, the company posted $0.72 earnings per share. The company’s revenue was down .9% on a year-over-year basis. As a group, analysts expect that MGIC Investment will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Tuesday, February 17th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, February 17th. MGIC Investment’s dividend payout ratio is 19.11%.

Insiders Place Their Bets

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $27.27, for a total transaction of $818,100.00. Following the transaction, the chief operating officer owned 454,245 shares in the company, valued at $12,387,261.15. This trade represents a 6.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $27.51, for a total value of $550,200.00. Following the transaction, the executive vice president owned 114,689 shares in the company, valued at $3,155,094.39. The trade was a 14.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 339,336 shares of company stock worth $9,032,971 in the last 90 days. Company insiders own 1.05% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Alps Advisors Inc. increased its position in MGIC Investment by 60.6% during the 3rd quarter. Alps Advisors Inc. now owns 701,943 shares of the insurance provider’s stock worth $19,914,000 after buying an additional 264,968 shares during the period. Lingohr Asset Management GmbH increased its position in shares of MGIC Investment by 1,625.5% in the third quarter. Lingohr Asset Management GmbH now owns 233,534 shares of the insurance provider’s stock worth $6,625,000 after purchasing an additional 220,000 shares during the period. Thrivent Financial for Lutherans increased its position in shares of MGIC Investment by 17.8% in the third quarter. Thrivent Financial for Lutherans now owns 472,083 shares of the insurance provider’s stock worth $13,393,000 after purchasing an additional 71,474 shares during the period. Tudor Investment Corp ET AL increased its position in shares of MGIC Investment by 106.1% in the third quarter. Tudor Investment Corp ET AL now owns 687,445 shares of the insurance provider’s stock worth $19,503,000 after purchasing an additional 353,935 shares during the period. Finally, Moody Aldrich Partners LLC bought a new position in shares of MGIC Investment in the third quarter worth $4,648,000. Institutional investors own 95.58% of the company’s stock.

About MGIC Investment

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.