MGIC Investment Co. (NYSE:MTG) Given Consensus Rating of “Moderate Buy” by Brokerages

MGIC Investment Co. (NYSE:MTG) has received a consensus recommendation of “Moderate Buy” from the six ratings firms that are presently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $24.50.

Several brokerages have issued reports on MTG. BTIG Research boosted their target price on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Roth Mkm increased their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, Barclays boosted their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th.

Institutional Investors Weigh In On MGIC Investment

Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in shares of MGIC Investment by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock worth $326,375,000 after purchasing an additional 556,859 shares in the last quarter. LSV Asset Management grew its stake in shares of MGIC Investment by 1.6% during the first quarter. LSV Asset Management now owns 10,983,325 shares of the insurance provider’s stock worth $245,587,000 after acquiring an additional 174,609 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of MGIC Investment by 2.4% in the 1st quarter. Clearbridge Investments LLC now owns 6,008,042 shares of the insurance provider’s stock valued at $134,340,000 after purchasing an additional 139,562 shares during the last quarter. American Century Companies Inc. boosted its stake in MGIC Investment by 1.5% in the 2nd quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock worth $73,167,000 after purchasing an additional 50,307 shares in the last quarter. Finally, Jupiter Asset Management Ltd. grew its position in MGIC Investment by 134.8% during the 1st quarter. Jupiter Asset Management Ltd. now owns 1,537,972 shares of the insurance provider’s stock worth $34,389,000 after purchasing an additional 882,984 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Performance

Shares of NYSE MTG opened at $24.90 on Friday. The company has a market cap of $6.45 billion, a P/E ratio of 9.19, a P/E/G ratio of 1.35 and a beta of 1.28. MGIC Investment has a 52-week low of $16.32 and a 52-week high of $26.52. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. The firm’s fifty day moving average is $25.25 and its two-hundred day moving average is $22.88.

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

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Thursday, November 7th. MGIC Investment’s payout ratio is currently 19.19%.

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.