MGIC Investment (NYSE:MTG) Stock Price Target Raised at Barclays

MGIC Investment (NYSE:MTG) had its target price hoisted by Barclays from $28.00 to $29.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the insurance provider’s stock.

Several other research analysts have also commented on the company. Keefe, Bruyette & Woods boosted their price objective on MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a report on Friday, July 31st. Roth Capital reaffirmed a “buy” rating and issued a $35.00 target price on shares of MGIC Investment in a research note on Thursday, July 30th. Zacks Research upgraded shares of MGIC Investment from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 25th. Weiss Ratings raised shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. Finally, BTIG Research assumed coverage on shares of MGIC Investment in a research note on Tuesday, September 22nd. They issued a “hold” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, MGIC Investment has an average rating of “Moderate Buy” and a consensus target price of $30.80.

MGIC Investment Price Performance

NYSE:MTG opened at $27.16 on Monday. The firm has a market capitalization of $5.57 billion, a price-to-earnings ratio of 8.49, a P/E/G ratio of 0.69 and a beta of 0.67. MGIC Investment has a 52-week low of $24.69 and a 52-week high of $31.89. The stock has a fifty day moving average of $30.11 and a 200 day moving average of $28.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.76 by $0.11. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The business had revenue of $295.39 million during the quarter, compared to analysts’ expectations of $297.54 million. During the same period in the previous year, the business earned $0.82 earnings per share. The firm’s revenue was down 2.9% on a year-over-year basis. On average, research analysts expect that MGIC Investment will post 3.24 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Wednesday, August 5th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s dividend payout ratio (DPR) is currently 21.25%.

Insider Activity

In related news, COO Salvatore Miosi sold 30,000 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $26.06, for a total transaction of $781,800.00. Following the transaction, the chief operating officer directly owned 440,951 shares of the company’s stock, valued at approximately $11,491,183.06. This trade represents a 6.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula Maggio sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $30.30, for a total value of $606,000.00. Following the completion of the sale, the executive vice president owned 149,620 shares of the company’s stock, valued at $4,533,486. The trade was a 11.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 217,114 shares of company stock worth $5,906,200. 1.34% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in MGIC Investment in the second quarter worth $618,467,000. Caisse de depot et placement du Quebec purchased a new position in MGIC Investment during the 2nd quarter valued at $98,074,000. NewEdge Wealth LLC purchased a new position in MGIC Investment during the 2nd quarter valued at $71,375,000. Bank of New York Mellon Corp bought a new position in MGIC Investment in the 2nd quarter worth $51,059,000. Finally, Bank of America Corp DE bought a new position in MGIC Investment in the 2nd quarter worth $44,658,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Company Profile

MGIC Investment Corporation is a holding company whose principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), provides private mortgage insurance in the United States. Its insurance helps lenders manage credit risk on residential mortgage loans, particularly loans made to borrowers who provide down payments below traditional thresholds.

MGIC’s products are primarily designed for lenders and other mortgage-finance participants, including primary mortgage insurance covering individual residential loans.