MGIC Investment (NYSE:MTG) Shares Cross Above 200 Day Moving Average – Here’s Why

MGIC Investment Co. (NYSE:MTG) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $24.47 and traded as high as $24.65. MGIC Investment shares last traded at $24.48, with a volume of 1,954,303 shares changing hands.

Analysts Set New Price Targets

MTG has been the subject of several research reports. Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. Keefe, Bruyette & Woods dropped their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research note on Wednesday, January 8th. Royal Bank of Canada reduced their price objective on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Finally, Barclays lifted their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, MGIC Investment has a consensus rating of “Hold” and an average price target of $25.86.

MGIC Investment Trading Up 0.6 %

The company has a 50 day simple moving average of $24.51 and a two-hundred day simple moving average of $24.47. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25. The company has a market cap of $6.20 billion, a PE ratio of 8.62, a PEG ratio of 1.72 and a beta of 1.29.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The firm had revenue of $306.65 million for the quarter, compared to analyst estimates of $306.03 million. During the same quarter in the prior year, the business earned $0.64 EPS. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. Sell-side analysts forecast that MGIC Investment Co. will post 2.85 EPS for the current year.

MGIC Investment Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were paid a $0.13 dividend. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 2.12%. MGIC Investment’s dividend payout ratio (DPR) is currently 18.31%.

Institutional Investors Weigh In On MGIC Investment

Several institutional investors have recently made changes to their positions in MTG. Franklin Resources Inc. raised its position in MGIC Investment by 6.5% during the third quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock valued at $41,836,000 after acquiring an additional 98,369 shares in the last quarter. GSA Capital Partners LLP raised its holdings in shares of MGIC Investment by 154.1% during the 3rd quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider’s stock valued at $2,476,000 after purchasing an additional 58,664 shares in the last quarter. Vestcor Inc lifted its stake in shares of MGIC Investment by 559.3% in the 3rd quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock valued at $1,538,000 after purchasing an additional 50,979 shares during the last quarter. Hancock Whitney Corp bought a new stake in MGIC Investment in the third quarter worth $777,000. Finally, Mackenzie Financial Corp increased its position in MGIC Investment by 2.9% during the second quarter. Mackenzie Financial Corp now owns 879,674 shares of the insurance provider’s stock worth $18,957,000 after buying an additional 24,627 shares during the last quarter. 95.58% of the stock is currently 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.