MGIC Investment Co. (NYSE:MTG) Receives $26.75 Average Target Price from Brokerages

Shares of MGIC Investment Co. (NYSE:MTG) have been given a consensus recommendation of “Hold” by the eight ratings firms that are presently covering the stock, MarketBeat Ratings reports. One investment 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 1-year target price among brokers that have covered the stock in the last year is $26.75.

Several analysts have issued reports on the company. Barclays upped their target price on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Keefe, Bruyette & Woods lowered their price target on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research note on Wednesday, January 8th. Compass Point reaffirmed 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. Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. Finally, UBS Group raised their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th.

MGIC Investment Price Performance

Shares of NYSE MTG opened at $24.83 on Tuesday. MGIC Investment has a twelve month low of $19.26 and a twelve month high of $26.56. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $6.02 billion, a P/E ratio of 8.56 and a beta of 1.28. The stock’s 50-day simple moving average is $24.35 and its two-hundred day simple moving average is $24.67.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. As a group, equities analysts anticipate that MGIC Investment will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th were paid a $0.13 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 annualized dividend and a dividend yield of 2.09%. MGIC Investment’s payout ratio is 17.93%.

Insider Buying and Selling

In related news, CAO Julie K. Sperber sold 4,600 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 75,070 shares of the company’s stock, valued at $1,842,968.50. This trade represents a 5.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.05% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGIC Investment

Hedge funds have recently bought and sold shares of the company. UMB Bank n.a. lifted its stake in shares of MGIC Investment by 131.9% in the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock worth $39,000 after buying an additional 938 shares in the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of MGIC Investment by 102.1% during the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 918 shares in the last quarter. V Square Quantitative Management LLC boosted its position in shares of MGIC Investment by 61.9% during the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock valued at $49,000 after buying an additional 794 shares during the last quarter. Physician Wealth Advisors Inc. bought a new stake in MGIC Investment in the 4th quarter worth about $54,000. Finally, EverSource Wealth Advisors LLC grew its position in MGIC Investment by 21.9% in the 4th 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 during the period. Institutional investors own 95.58% of the company’s stock.

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.