MGIC Investment Corporation (NYSE:MTG) Receives $26.80 Average Price Target from Analysts

Shares of MGIC Investment Corporation (NYSE:MTG) have received a consensus recommendation of “Hold” from the six research firms that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $26.80.

A number of research firms have issued reports on MTG. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. Barclays increased their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research report on Monday, October 6th.

MGIC Investment Trading Down 0.7%

NYSE:MTG opened at $28.34 on Friday. The stock has a fifty day simple moving average of $27.73 and a 200 day simple moving average of $27.27. The firm has a market capitalization of $6.34 billion, a price-to-earnings ratio of 9.11, a price-to-earnings-growth ratio of 1.91 and a beta of 0.85. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment has a 1-year low of $21.94 and a 1-year high of $29.01.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. The company had revenue of $304.51 million during the quarter, compared to the consensus estimate of $308.16 million. MGIC Investment had a net margin of 61.96% and a return on equity of 14.63%. The company’s revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.77 EPS. Sell-side analysts forecast that MGIC Investment will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Thursday, November 6th. MGIC Investment’s dividend payout ratio (DPR) is presently 19.29%.

Insider Activity

In other news, CEO Timothy J. Mattke sold 139,203 shares of the business’s stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $27.09, for a total value of $3,771,009.27. Following the completion of the transaction, the chief executive officer owned 961,791 shares of the company’s stock, valued at $26,054,918.19. The trade was a 12.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total value of $844,500.00. Following the completion of the transaction, the chief operating officer directly owned 189,401 shares of the company’s stock, valued at approximately $5,331,638.15. The trade was a 13.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 219,203 shares of company stock valued at $5,989,909. 1.41% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MTG. WPG Advisers LLC acquired a new stake in MGIC Investment in the 1st quarter valued at approximately $26,000. True Wealth Design LLC grew its stake in shares of MGIC Investment by 262.5% during the 2nd quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 727 shares in the last quarter. Alpine Bank Wealth Management acquired a new stake in shares of MGIC Investment in the third quarter valued at approximately $28,000. Newbridge Financial Services Group Inc. acquired a new position in MGIC Investment during the third quarter worth $28,000. Finally, Hantz Financial Services Inc. grew its position in MGIC Investment by 3,067.6% in the second quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 1,043 shares in the last quarter. 95.58% of the stock is 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.