MGIC Investment Co. (NYSE:MTG – Get Rating) earned an average rating of “moderate buy” from the seven brokerages that cover the business, Marketbeat reports. Two investment analysts rated the stock with a hold recommendation and four gave the company a buy recommendation. The 12-month average price target among analysts who have rated the stock over the past year is $17.92.
Several brokerages have weighed in on MTG. Royal Bank of Canada upgraded MGIC Investment from an ‘sector performance’ rating to an ‘outperform’ rating and raised its target price for the company from $15.00 to $16.00 in a research note Thursday. BTIG Research lowered its price target on MGIC Investment from $18.00 to $17.00 in a Tuesday, April 12 research report. Finally, StockNews.com upgraded MGIC Investment from a “hold” rating to a “buy” rating in a Friday, May 13 research report.
Several hedge funds and other institutional investors have recently changed their stock holdings. Verition Fund Management LLC increased its holdings of MGIC Investment shares by 11.6% in Q1. Verition Fund Management LLC now owns 36,062 shares of the insurance provider worth $489,000 after acquiring 3,748 additional shares in the last quarter. Midwest Wealth Management Inc. increased its holdings of MGIC Investment shares by 2.8% in the 1st quarter. Midwest Wealth Management Inc. now owns 95,670 shares of the insurance provider worth $1,296,000 after acquiring 2,593 additional shares in the last quarter. Neuberger Berman Group LLC increased its equity stake in MGIC Investment by 42.0% in Q1. Neuberger Berman Group LLC now owns 53,896 shares of the insurance provider worth $730,000 after acquiring 15,936 additional shares in the last quarter. Weiss Multi Strategy Advisers LLC purchased a new equity position from MGIC Investment during the first quarter worth $7,791,000. Finally, Virtu Financial LLC increased its holdings of MGIC Investment shares by 133.7% during the first quarter. Virtu Financial LLC now owns 24,030 shares of the insurance provider valued at $326,000 after buying 13,747 additional shares last quarter. Institutional investors and hedge funds hold 94.10% of the company’s shares.
Shares of MGIC Investment opened at $12.75 on Friday. The company’s fifty-day moving average price is $13.16 and its two-hundred-day moving average price is $14.12. The company has a debt ratio of 0.20, a current ratio of 0.61 and a quick ratio of 0.61. The company has a market capitalization of $3.95 billion, a P/E ratio of 6.51, a PEG ratio of 1.10 and a beta of 1.49. MGIC Investment has a 1-year low of $11.38 and a 1-year high of $16.84.
MGIC Investment (NYSE:MTG – Get Rating) last announced its results on Wednesday, May 4. The insurance provider reported earnings per share of $0.60 for the quarter, beating the consensus estimate of $0.58 by $0.02. The company posted revenue of $294.60 million for the quarter, versus a consensus estimate of $292.28 million. MGIC Investment had a return on equity of 14.61% and a net margin of 55.82%. The company’s revenue for the quarter was down 1.1% year over year. In the same quarter of the previous year, the company achieved EPS of $0.42. On average, research analysts expect MGIC Investment to post earnings per share of 2.27 for the current financial year.
The company also recently declared a quarterly dividend, which was paid on Thursday, May 26. Shareholders of record on Thursday, May 12 received a dividend of $0.08 per share. This represents an annualized dividend of $0.32 and a dividend yield of 2.51%. The ex-dividend date was Wednesday, May 11. The dividend payout ratio (DPR) of MGIC Investment is currently 16.33%.
MGIC Investment Company Profile (Get a rating)
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, Puerto Rico and in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest, and various expenses associated with default and subsequent foreclosure.
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