MGIC Investment (NYSE:MTG) Price Target Cut to $27.00 by Analysts at Royal Bank of Canada

MGIC Investment (NYSE:MTG) had its price objective decreased by Royal Bank of Canada from $28.00 to $27.00 in a report issued on Wednesday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the insurance provider’s stock.

Several other equities research analysts have also issued reports on MTG. Barclays boosted their price target on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Roth Mkm boosted their target price on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, BTIG Research increased their price target on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.50.

MGIC Investment Stock Down 0.4 %

MTG stock opened at $24.46 on Wednesday. The company has a 50 day moving average of $25.22 and a two-hundred day moving average of $23.22. The company has a market cap of $6.20 billion, a price-to-earnings ratio of 8.61, a PEG ratio of 1.39 and a beta of 1.28. MGIC Investment has a 12-month low of $17.25 and a 12-month high of $26.52. The company has a quick ratio of 1.11, a current ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.11. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The business had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. During the same period last year, the company earned $0.64 earnings per share. MGIC Investment’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities analysts anticipate that MGIC Investment will post 2.81 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently declared 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 2.13%. The ex-dividend date is Thursday, November 7th. MGIC Investment’s dividend payout ratio is 18.31%.

Institutional Trading of MGIC Investment

Large investors have recently modified their holdings of the company. Jupiter Asset Management Ltd. lifted 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 acquiring an additional 882,984 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in MGIC Investment by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock valued at $326,375,000 after purchasing an additional 556,859 shares during the period. WINTON GROUP Ltd grew its holdings in MGIC Investment by 440.3% in the 2nd quarter. WINTON GROUP Ltd now owns 521,001 shares of the insurance provider’s stock valued at $11,228,000 after buying an additional 424,580 shares during the last quarter. Vest Financial LLC increased its position in MGIC Investment by 22.7% in the 2nd quarter. Vest Financial LLC now owns 1,073,756 shares of the insurance provider’s stock worth $23,139,000 after buying an additional 198,553 shares during the period. Finally, CX Institutional acquired a new position in shares of MGIC Investment during the third quarter worth approximately $4,911,000. 95.58% of the stock is owned by institutional investors.

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.