MGIC Investment Co. (NYSE:MTG) Receives Average Rating of “Hold” from Brokerages

Shares of MGIC Investment Co. (NYSE:MTG) have earned an average rating of “Hold” from the six ratings firms that are currently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $21.08.

MTG has been the topic of a number of research analyst reports. Roth Mkm upped their target price on MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $24.00 price objective (up previously from $23.50) on shares of MGIC Investment in a report on Thursday, April 4th. Finally, Royal Bank of Canada raised their target price on shares of MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a research note on Friday, February 2nd.

MGIC Investment Stock Performance

MGIC Investment stock opened at $20.79 on Tuesday. MGIC Investment has a 1-year low of $13.11 and a 1-year high of $22.43. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $5.61 billion, a PE ratio of 8.35, a price-to-earnings-growth ratio of 1.70 and a beta of 1.24. The firm’s 50 day simple moving average is $20.31 and its 200 day simple moving average is $18.86.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. MGIC Investment had a net margin of 61.72% and a return on equity of 14.82%. The firm had revenue of $284.72 million for the quarter, compared to analysts’ expectations of $302.96 million. As a group, analysts expect that MGIC Investment will post 2.43 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 5th. Stockholders of record on Thursday, February 15th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.46 annualized dividend and a dividend yield of 2.21%. MGIC Investment’s dividend payout ratio (DPR) is presently 18.47%.

Hedge Funds Weigh In On MGIC Investment

A number of large investors have recently modified their holdings of the company. QRG Capital Management Inc. boosted its stake in MGIC Investment by 4.1% in the fourth quarter. QRG Capital Management Inc. now owns 14,703 shares of the insurance provider’s stock worth $284,000 after buying an additional 584 shares in the last quarter. Beacon Pointe Advisors LLC boosted its stake in shares of MGIC Investment by 5.4% in the 2nd quarter. Beacon Pointe Advisors LLC now owns 12,303 shares of the insurance provider’s stock valued at $194,000 after purchasing an additional 633 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of MGIC Investment by 4.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 16,276 shares of the insurance provider’s stock valued at $314,000 after purchasing an additional 729 shares during the last quarter. Avantax Planning Partners Inc. raised its position in MGIC Investment by 6.8% in the 3rd quarter. Avantax Planning Partners Inc. now owns 11,543 shares of the insurance provider’s stock worth $193,000 after purchasing an additional 734 shares during the period. Finally, Crossmark Global Holdings Inc. raised its position in MGIC Investment by 0.7% in the 4th quarter. Crossmark Global Holdings Inc. now owns 117,517 shares of the insurance provider’s stock worth $2,267,000 after purchasing an additional 774 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

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.