MGIC Investment Corp. (NYSE:MTG) Given Average Rating of “Buy” by Brokerages

MGIC Investment Corp. (NYSE:MTG) has received a consensus rating of “Buy” from the six analysts that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $16.13.

Several equities analysts have recently weighed in on the company. ValuEngine cut MGIC Investment from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 5th. Deutsche Bank boosted their target price on MGIC Investment from $18.00 to $18.50 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Zacks Investment Research upgraded MGIC Investment from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a research note on Friday, October 11th. Finally, B. Riley restated a “buy” rating on shares of MGIC Investment in a research note on Tuesday, October 15th.

Shares of NYSE:MTG traded down $0.02 during trading on Friday, hitting $14.07. 1,273,721 shares of the company’s stock traded hands, compared to its average volume of 3,216,817. MGIC Investment has a 52 week low of $9.41 and a 52 week high of $14.97. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.20. The company has a market cap of $4.95 billion, a price-to-earnings ratio of 7.90, a price-to-earnings-growth ratio of 1.61 and a beta of 1.50. The company has a 50-day moving average price of $13.65 and a 200-day moving average price of $13.35.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Tuesday, October 22nd. The insurance provider reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.05. MGIC Investment had a return on equity of 16.61% and a net margin of 55.08%. The business had revenue of $318.38 million for the quarter, compared to analysts’ expectations of $299.00 million. During the same quarter in the previous year, the business posted $0.48 EPS. MGIC Investment’s revenue for the quarter was up 9.6% on a year-over-year basis. On average, analysts predict that MGIC Investment will post 1.76 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend is Thursday, November 7th. MGIC Investment’s payout ratio is 13.48%.

In other MGIC Investment news, Vice Chairman Patrick Sinks sold 25,342 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $14.20, for a total transaction of $359,856.40. Following the transaction, the insider now owns 1,475,509 shares of the company’s stock, valued at approximately $20,952,227.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie K. Sperber sold 5,535 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $14.05, for a total value of $77,766.75. Following the transaction, the chief accounting officer now directly owns 75,747 shares in the company, valued at approximately $1,064,245.35. The disclosure for this sale can be found here. Insiders sold a total of 456,060 shares of company stock worth $6,399,418 in the last 90 days. Company insiders own 0.81% of the company’s stock.

Several large investors have recently bought and sold shares of MTG. APG Asset Management N.V. increased its position in shares of MGIC Investment by 29.3% during the 2nd quarter. APG Asset Management N.V. now owns 11,918,400 shares of the insurance provider’s stock worth $137,520,000 after purchasing an additional 2,700,000 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of MGIC Investment by 47.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 6,094,043 shares of the insurance provider’s stock worth $80,076,000 after acquiring an additional 1,954,265 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of MGIC Investment by 421.5% during the 3rd quarter. First Trust Advisors LP now owns 1,520,508 shares of the insurance provider’s stock worth $19,128,000 after acquiring an additional 1,228,929 shares during the last quarter. Panagora Asset Management Inc. increased its holdings in shares of MGIC Investment by 98.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 2,368,094 shares of the insurance provider’s stock worth $31,117,000 after acquiring an additional 1,173,328 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its holdings in shares of MGIC Investment by 155.3% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,928,631 shares of the insurance provider’s stock worth $25,342,000 after acquiring an additional 1,173,227 shares during the last quarter. 94.85% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Company Profile

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 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.

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