Brokerages Set MGIC Investment Corporation (NYSE:MTG) PT at $26.63

Shares of MGIC Investment Corporation (NYSE:MTG) have been assigned a consensus recommendation of “Hold” from the eight ratings firms that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $26.75.

A number of research analysts have recently issued reports on the company. Compass Point reiterated a “neutral” rating and set a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Keefe, Bruyette & Woods increased their target price on MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a research report on Monday.

MGIC Investment Trading Down 3.9%

MGIC Investment stock opened at $27.41 on Thursday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. MGIC Investment has a 12 month low of $21.20 and a 12 month high of $28.67. The stock’s 50 day simple moving average is $26.66 and its two-hundred day simple moving average is $25.00. The firm has a market cap of $6.51 billion, a PE ratio of 9.11, a P/E/G ratio of 2.61 and a beta of 0.89.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.09. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. The firm had revenue of $306.23 million for the quarter, compared to analyst estimates of $306.66 million. During the same quarter last year, the firm posted $0.65 EPS. The business’s revenue was up 4.0% on a year-over-year basis. Analysts anticipate that MGIC Investment will post 2.71 earnings per share for the current year.

MGIC Investment declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 24th that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the insurance provider to reacquire up to 12.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a yield of 1.90%. MGIC Investment’s payout ratio is currently 17.28%.

Insider Activity

In other news, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the transaction, the executive vice president owned 157,395 shares of the company’s stock, valued at approximately $4,169,393.55. The trade was a 11.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On MGIC Investment

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Proficio Capital Partners LLC acquired a new position in shares of MGIC Investment in the 4th quarter worth approximately $653,000. US Bancorp DE grew its holdings in MGIC Investment by 6.2% during the 4th quarter. US Bancorp DE now owns 10,249 shares of the insurance provider’s stock worth $243,000 after acquiring an additional 600 shares in the last quarter. Assetmark Inc. raised its stake in MGIC Investment by 5.7% in the fourth quarter. Assetmark Inc. now owns 1,027,491 shares of the insurance provider’s stock valued at $24,362,000 after buying an additional 55,059 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in MGIC Investment in the fourth quarter valued at $1,740,000. Finally, EagleClaw Capital Managment LLC lifted its stake in MGIC Investment by 2.7% during the fourth quarter. EagleClaw Capital Managment LLC now owns 57,800 shares of the insurance provider’s stock worth $1,370,000 after purchasing an additional 1,500 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

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 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.