MGIC Investment Co. (NYSE:MTG) Receives Average Rating of “Moderate Buy” from Analysts

Shares of MGIC Investment Co. (NYSE:MTG) have been assigned an average rating of “Moderate Buy” from the six ratings firms that are presently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $24.50.

MTG has been the topic of a number of research analyst reports. Roth Mkm raised their price objective on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Barclays lifted their price target on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Finally, BTIG Research raised their target price on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th.

Hedge Funds Weigh In On MGIC Investment

A number of institutional investors have recently bought and sold shares of MTG. Versant Capital Management Inc boosted its holdings in shares of MGIC Investment by 482.7% in the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after buying an additional 946 shares during the period. Hara Capital LLC purchased a new position in MGIC Investment during the 3rd quarter worth approximately $25,000. V Square Quantitative Management LLC acquired a new stake in MGIC Investment during the 3rd quarter valued at $33,000. Fidelis Capital Partners LLC purchased a new stake in shares of MGIC Investment in the first quarter valued at $50,000. Finally, GAMMA Investing LLC boosted its position in shares of MGIC Investment by 76.2% in the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock worth $66,000 after buying an additional 1,328 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Price Performance

Shares of MTG opened at $23.57 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.11. MGIC Investment has a 12 month low of $16.95 and a 12 month high of $26.52. The stock has a fifty day moving average price of $25.31 and a 200 day moving average price of $23.06. The company has a market cap of $6.11 billion, a P/E ratio of 8.70, a PEG ratio of 1.35 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. The company had revenue of $305.28 million for the quarter, compared to analyst estimates of $301.02 million. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period last year, the company earned $0.68 earnings per share. On average, research analysts forecast that MGIC Investment will post 2.76 earnings per share for the current year.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Thursday, November 7th. MGIC Investment’s dividend payout ratio is 19.19%.

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.