MGIC Investment Co. to Issue Quarterly Dividend of $0.13 (NYSE:MTG)

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 paid a dividend of 0.13 per share by the insurance provider on Wednesday, March 5th. This represents a $0.52 annualized dividend and a yield of 2.04%.

MGIC Investment has raised its dividend payment by an average of 20.5% per year over the last three years. MGIC Investment has a payout ratio of 17.7% meaning 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 Price Performance

Shares of NYSE MTG opened at $25.48 on Wednesday. The firm has a 50-day simple moving average of $24.51 and a 200-day simple moving average of $24.64. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $6.45 billion, a price-to-earnings ratio of 8.97, a price-to-earnings-growth ratio of 1.85 and a beta of 1.29. MGIC Investment has a 52 week low of $18.68 and a 52 week high of $26.56.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. The company had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. MGIC Investment’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 EPS. On average, equities analysts predict that MGIC Investment will post 2.85 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods lowered their price objective on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research note on Wednesday, January 8th. Royal Bank of Canada lowered their price target on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and cut their price objective for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. Finally, Barclays boosted their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average 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.