MGIC Investment Co. (NYSE:MTG) Plans $0.13 Quarterly Dividend

MGIC Investment Co. (NYSE:MTG) declared a quarterly dividend on Thursday, October 24th, RTT News reports. Investors of record on Thursday, November 7th will be given a dividend of 0.13 per share by the insurance provider on Thursday, November 21st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.05%.

MGIC Investment has increased its dividend payment by an average of 21.5% annually over the last three years. MGIC Investment has a dividend payout ratio of 18.9% meaning its dividend is sufficiently covered by earnings. Analysts expect MGIC Investment to earn $2.76 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 18.8%.

MGIC Investment Stock Performance

Shares of MTG traded down $0.05 on Thursday, reaching $25.35. The company’s stock had a trading volume of 508,503 shares, compared to its average volume of 1,748,578. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $6.76 billion, a P/E ratio of 9.77, a PEG ratio of 1.35 and a beta of 1.28. The stock’s 50 day simple moving average is $25.20 and its two-hundred day simple moving average is $22.84. MGIC Investment has a 12-month low of $16.32 and a 12-month high of $26.52.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.15. The business had revenue of $305.28 million during the quarter, compared to analyst estimates of $301.02 million. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The company’s revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 earnings per share. Research analysts forecast that MGIC Investment will post 2.76 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MTG. Roth Mkm upped their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Barclays upped their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Finally, BTIG Research boosted their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.50.

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.