Brokerages Set MGIC Investment Co. (NYSE:MTG) Price Target at $21.08

MGIC Investment Co. (NYSE:MTG) has received a consensus rating of “Hold” from the five ratings firms that are currently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $21.08.

MTG has been the topic of several research analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $24.00 target price (up from $23.50) on shares of MGIC Investment in a research note on Thursday, April 4th. Royal Bank of Canada lifted their price target on shares of MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a research report on Friday, February 2nd. Finally, Roth Mkm upped their price objective on shares of MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, February 2nd.

MGIC Investment Price Performance

MTG opened at $20.95 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.05 and a quick ratio of 1.05. The stock’s 50 day simple moving average is $20.61 and its 200 day simple moving average is $19.29. The firm has a market cap of $5.58 billion, a price-to-earnings ratio of 8.06, a PEG ratio of 1.67 and a beta of 1.24. MGIC Investment has a 1 year low of $14.51 and a 1 year high of $22.43.

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

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 21st. Investors of record on Thursday, May 9th will be given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Wednesday, May 8th. MGIC Investment’s dividend payout ratio (DPR) is currently 17.69%.

Institutional Trading of MGIC Investment

A number of institutional investors and hedge funds have recently modified their holdings of MTG. Louisiana State Employees Retirement System lifted its position in MGIC Investment by 0.6% during the first quarter. Louisiana State Employees Retirement System now owns 78,400 shares of the insurance provider’s stock valued at $1,753,000 after purchasing an additional 500 shares during the period. QRG Capital Management Inc. boosted its holdings in shares of MGIC Investment by 4.1% in the fourth quarter. QRG Capital Management Inc. now owns 14,703 shares of the insurance provider’s stock worth $284,000 after buying an additional 584 shares during the last quarter. Avantax Planning Partners Inc. grew its position in MGIC Investment by 6.8% during the third quarter. Avantax Planning Partners Inc. now owns 11,543 shares of the insurance provider’s stock valued at $193,000 after buying an additional 734 shares during the period. Crossmark Global Holdings Inc. increased its holdings in MGIC Investment by 0.7% during the fourth quarter. Crossmark Global Holdings Inc. now owns 117,517 shares of the insurance provider’s stock valued at $2,267,000 after buying an additional 774 shares during the last quarter. Finally, Asset Management One Co. Ltd. raised its position in MGIC Investment by 2.1% in the fourth quarter. Asset Management One Co. Ltd. now owns 39,747 shares of the insurance provider’s stock worth $774,000 after acquiring an additional 812 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.