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

Shares of MGIC Investment Co. (NYSE:MTG) have been given an average recommendation of “Hold” by the five research firms that are presently covering the stock, MarketBeat reports. Four analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $21.08.

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

MGIC Investment Stock Performance

MGIC Investment stock opened at $20.65 on Friday. The company has a market cap of $5.57 billion, a price-to-earnings ratio of 7.94, a price-to-earnings-growth ratio of 1.69 and a beta of 1.24. MGIC Investment has a 12 month low of $13.97 and a 12 month high of $22.43. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98. The stock’s 50-day moving average is $20.55 and its 200-day moving average is $19.21.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. MGIC Investment had a return on equity of 15.13% and a net margin of 62.85%. The business had revenue of $294.40 million during the quarter, compared to analysts’ expectations of $301.62 million. During the same quarter in the previous year, the business earned $0.54 EPS. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities analysts anticipate that MGIC Investment will post 2.43 earnings per share for the current year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 21st. Shareholders of record on Thursday, May 9th will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Wednesday, May 8th. MGIC Investment’s dividend payout ratio is presently 17.69%.

Hedge Funds Weigh In On MGIC Investment

Institutional investors and hedge funds have recently made changes to their positions in the business. Vest Financial LLC boosted its stake in shares of MGIC Investment by 29.4% during the 4th quarter. Vest Financial LLC now owns 690,877 shares of the insurance provider’s stock valued at $13,327,000 after buying an additional 157,036 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of MGIC Investment by 335.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 103,129 shares of the insurance provider’s stock valued at $1,989,000 after buying an additional 79,457 shares during the last quarter. NewEdge Wealth LLC boosted its stake in shares of MGIC Investment by 8.8% during the 4th quarter. NewEdge Wealth LLC now owns 1,444,931 shares of the insurance provider’s stock valued at $27,873,000 after buying an additional 117,301 shares during the last quarter. Invesco Ltd. boosted its stake in shares of MGIC Investment by 47.3% during the 3rd quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock valued at $52,983,000 after buying an additional 1,019,759 shares during the last quarter. Finally, LSV Asset Management boosted its stake in shares of MGIC Investment by 8.5% during the 3rd quarter. LSV Asset Management now owns 10,427,565 shares of the insurance provider’s stock valued at $174,036,000 after buying an additional 820,182 shares during the last quarter. 95.58% of the stock is currently 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.