MGIC Investment Co. (MTG) To Go Ex-Dividend on May 8th

MGIC Investment Co. (NYSE:MTG) announced a quarterly dividend on Thursday, April 25th, Wall Street Journal reports. Investors of record on Thursday, May 9th will be paid a dividend of 0.115 per share by the insurance provider on Tuesday, May 21st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Wednesday, May 8th.

MGIC Investment has raised its dividend payment by an average of 21.5% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. MGIC Investment has a dividend payout ratio of 17.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect MGIC Investment to earn $2.58 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 17.8%.

MGIC Investment Stock Up 0.6 %

MTG stock opened at $20.64 on Monday. The firm’s 50-day moving average is $20.58 and its two-hundred day moving average is $19.26. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $5.50 billion, a price-to-earnings ratio of 7.94, a price-to-earnings-growth ratio of 1.67 and a beta of 1.24. MGIC Investment has a 52 week low of $13.97 and a 52 week high of $22.43.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, May 1st. The insurance provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.60 by $0.05. The firm had revenue of $294.40 million for the quarter, compared to analysts’ expectations of $301.62 million. MGIC Investment had a return on equity of 15.00% and a net margin of 62.85%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.54 earnings per share. On average, analysts forecast that MGIC Investment will post 2.48 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MTG has been the subject of several research reports. Roth Mkm raised their target price on MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $24.00 price objective (up previously from $23.50) on shares of MGIC Investment in a research note on Thursday, April 4th. Finally, Royal Bank of Canada boosted their target price on shares of MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a report on Friday, February 2nd. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $21.08.

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.