MGIC Investment Co. (NYSE:MTG) Given Consensus Rating of “Moderate Buy” by Brokerages

MGIC Investment Co. (NYSE:MTG) has been assigned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $25.50.

MTG has been the subject of several research analyst reports. BTIG Research boosted their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Barclays boosted their price objective on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Roth Mkm boosted their price objective on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada lowered their target price on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th.

MGIC Investment Stock Performance

NYSE:MTG opened at $24.57 on Wednesday. MGIC Investment has a 1 year low of $17.31 and a 1 year high of $26.52. The firm has a 50 day moving average of $25.18 and a 200-day moving average of $23.44. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $6.23 billion, a P/E ratio of 8.65, a price-to-earnings-growth ratio of 1.81 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last posted its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The company had revenue of $306.65 million during the quarter, compared to analysts’ expectations of $306.03 million. During the same quarter in the previous year, the company posted $0.64 earnings per share. MGIC Investment’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that MGIC Investment will post 2.81 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is 18.31%.

Hedge Funds Weigh In On MGIC Investment

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vident Advisory LLC boosted its stake in MGIC Investment by 21.1% in the 1st quarter. Vident Advisory LLC now owns 212,660 shares of the insurance provider’s stock worth $4,755,000 after purchasing an additional 37,030 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in MGIC Investment by 24.9% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 369,053 shares of the insurance provider’s stock worth $8,132,000 after purchasing an additional 73,474 shares during the period. GSA Capital Partners LLP boosted its stake in MGIC Investment by 154.1% in the 3rd quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider’s stock worth $2,476,000 after purchasing an additional 58,664 shares during the period. Edgestream Partners L.P. boosted its stake in MGIC Investment by 153.9% in the 2nd quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider’s stock worth $5,279,000 after purchasing an additional 148,494 shares during the period. Finally, Panagora Asset Management Inc. boosted its stake in MGIC Investment by 14.8% in the 2nd quarter. Panagora Asset Management Inc. now owns 505,155 shares of the insurance provider’s stock worth $10,886,000 after purchasing an additional 65,315 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

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.