MGIC Investment Co. (NYSE:MTG) Announces $0.13 Quarterly Dividend

MGIC Investment Co. (NYSE:MTG) announced a quarterly dividend on Tuesday, January 28th,RTT News reports. Shareholders of record on Tuesday, February 18th will be given a dividend of 0.13 per share by the insurance provider on Wednesday, March 5th. This represents a $0.52 dividend on an annualized basis and a yield of 2.04%.

MGIC Investment has increased its dividend payment by an average of 20.5% annually over the last three years. MGIC Investment has a payout ratio of 17.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect MGIC Investment to earn $2.71 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 19.2%.

MGIC Investment Stock Down 0.4 %

Shares of MGIC Investment stock traded down $0.11 on Tuesday, hitting $25.48. 1,243,198 shares of the company traded hands, compared to its average volume of 1,611,074. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. MGIC Investment has a 12-month low of $18.68 and a 12-month high of $26.56. The company has a 50-day moving average price of $24.51 and a 200 day moving average price of $24.64. The company has a market cap of $6.45 billion, a PE ratio of 8.97, a PEG ratio of 1.85 and a beta of 1.29.

MGIC Investment (NYSE:MTG) last issued its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.11. The company had revenue of $306.65 million for the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.64 EPS. Sell-side analysts predict that MGIC Investment will post 2.85 earnings per share for the current year.

Wall Street Analyst Weigh In

MTG has been the subject of a number of analyst reports. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. Keefe, Bruyette & Woods decreased their price objective on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday, January 8th. Barclays boosted their price target on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Finally, Royal Bank of Canada lowered their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $25.86.

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.