Keefe, Bruyette & Woods Issues Positive Forecast for MGIC Investment (NYSE:MTG) Stock Price

MGIC Investment (NYSE:MTG) had its price objective lifted by Keefe, Bruyette & Woods from $29.00 to $30.00 in a research report report published on Friday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the insurance provider’s stock.

Other research analysts also recently issued reports about the company. Royal Bank Of Canada started coverage on MGIC Investment in a report on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 target price on the stock. Roth Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of MGIC Investment in a report on Thursday. Barclays cut their price objective on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Finally, Weiss Ratings upgraded MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $30.60.

MGIC Investment Trading Down 1.3%

Shares of MTG stock opened at $30.04 on Friday. The company has a market capitalization of $6.35 billion, a P/E ratio of 9.39, a P/E/G ratio of 2.07 and a beta of 0.67. MGIC Investment has a 12-month low of $24.69 and a 12-month high of $31.89. The company has a quick ratio of 1.14, a current ratio of 1.19 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average price of $27.42 and a 200 day moving average price of $26.96.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.11. The firm had revenue of $295.39 million for the quarter, compared to analysts’ expectations of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.82 earnings per share. Research analysts forecast that MGIC Investment will post 3.09 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.3%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, August 5th. MGIC Investment’s payout ratio is currently 21.25%.

MGIC Investment announced that its board has approved a stock buyback plan on Thursday, April 23rd that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to repurchase up to 12.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction of $761,400.00. Following the transaction, the chief operating officer owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.55, for a total value of $534,940.35. Following the transaction, the executive vice president directly owned 169,620 shares in the company, valued at approximately $4,333,791. This represents a 10.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.34% of the company’s stock.

Institutional Investors Weigh In On MGIC Investment

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. bought a new stake in shares of MGIC Investment during the third quarter worth $28,000. V Square Quantitative Management LLC bought a new position in MGIC Investment in the fourth quarter valued at about $36,000. SBI Securities Co. Ltd. boosted its holdings in MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 420 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 817 shares during the last quarter. Finally, Harbor Investment Advisory LLC increased its position in MGIC Investment by 613.0% in the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock worth $73,000 after purchasing an additional 2,213 shares during the period. 95.58% of the stock is owned by institutional investors and hedge funds.

About MGIC Investment

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.