Brokerages Set MGIC Investment Co. (NYSE:MTG) Target Price at $26.50

Shares of MGIC Investment Co. (NYSE:MTG) have received a consensus rating of “Hold” from the eight ratings firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $26.50.

Several equities analysts have recently issued reports on the company. Barclays raised their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Keefe, Bruyette & Woods decreased their price target on shares of MGIC Investment from $28.00 to $26.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 8th. UBS Group upped their price target on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Compass Point reissued a “neutral” rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th.

Insider Buying and Selling at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the sale, the chief accounting officer now directly owns 75,070 shares in the company, valued at approximately $1,842,968.50. This trade represents a 5.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.05% of the company’s stock.

Institutional Investors Weigh In On MGIC Investment

Institutional investors have recently made changes to their positions in the company. EP Wealth Advisors LLC grew its position in MGIC Investment by 0.9% in the first quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider’s stock worth $1,127,000 after acquiring an additional 398 shares in the last quarter. Brooklyn Investment Group lifted its stake in shares of MGIC Investment by 15.5% in the 1st quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider’s stock valued at $77,000 after purchasing an additional 416 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in MGIC Investment by 21.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock worth $55,000 after purchasing an additional 419 shares in the last quarter. Signaturefd LLC increased its position in MGIC Investment by 1.9% during the first quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider’s stock worth $548,000 after buying an additional 421 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in MGIC Investment by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock valued at $270,000 after buying an additional 437 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Down 0.3%

MTG opened at $26.61 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. MGIC Investment has a 12 month low of $20.11 and a 12 month high of $26.92. The stock’s 50 day moving average price is $24.62 and its 200 day moving average price is $24.53. The stock has a market cap of $6.32 billion, a P/E ratio of 9.18 and a beta of 0.91.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.09. The business had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.65 earnings per share. As a group, research analysts predict that MGIC Investment will post 2.71 earnings per share for the current year.

MGIC Investment announced that its board has initiated a share repurchase program on Thursday, April 24th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 12.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 21st. Investors of record on Thursday, May 8th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.95%. The ex-dividend date is Thursday, May 8th. MGIC Investment’s payout ratio is 17.28%.

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.