MGIC Investment Co. (NYSE:MTG) Receives $21.08 Consensus Price Target from Brokerages

Shares of MGIC Investment Co. (NYSE:MTG) have been given a consensus recommendation of “Hold” by the five brokerages that are presently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $21.08.

Several equities analysts have weighed in on the company. Roth Mkm increased their price objective on MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $24.00 price target (up from $23.50) on shares of MGIC Investment in a report on Thursday, April 4th. Finally, Royal Bank of Canada raised their price target on MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a report on Friday, February 2nd.

MGIC Investment Price Performance

Shares of NYSE MTG opened at $19.58 on Tuesday. The stock has a fifty day simple moving average of $20.32 and a two-hundred day simple moving average of $18.96. MGIC Investment has a 1-year low of $13.97 and a 1-year high of $22.43. The firm has a market cap of $5.28 billion, a price-to-earnings ratio of 7.86, a price-to-earnings-growth ratio of 1.63 and a beta of 1.24. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, January 31st. The insurance provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.10. MGIC Investment had a return on equity of 14.82% and a net margin of 61.72%. The business had revenue of $284.72 million during the quarter, compared to analyst estimates of $302.96 million. Analysts anticipate that MGIC Investment will post 2.43 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 5th. Investors of record on Thursday, February 15th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 2.35%. The ex-dividend date was Wednesday, February 14th. MGIC Investment’s dividend payout ratio is 18.47%.

Institutional Investors Weigh In On MGIC Investment

Large investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC bought a new stake in MGIC Investment during the first quarter valued at $26,000. GAMMA Investing LLC bought a new stake in MGIC Investment during the fourth quarter valued at $30,000. Pacific Capital Wealth Advisors Inc. bought a new stake in MGIC Investment during the fourth quarter valued at $31,000. Quarry LP boosted its stake in MGIC Investment by 244.4% during the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock valued at $38,000 after buying an additional 1,403 shares during the period. Finally, CWM LLC boosted its stake in MGIC Investment by 249.1% during the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock valued at $49,000 after buying an additional 1,552 shares during the period. Institutional investors own 95.58% of the company’s stock.

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.