MGIC Investment (NYSE:MTG) Share Price Passes Above 200 Day Moving Average – What’s Next?

MGIC Investment Co. (NYSE:MTG) shares 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 traded.

Analysts Set New Price Targets

Several equities analysts have commented on MTG shares. Keefe, Bruyette & Woods lowered their price objective on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research report on Wednesday, January 8th. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and lowered their price target for the company from $26.00 to $25.00 in a report on Monday, December 9th. Barclays upped their price objective on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Finally, Royal Bank of Canada dropped their target price on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. 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 company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $25.86.

MGIC Investment Stock Performance

The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market cap of $6.20 billion, a P/E ratio of 8.62, a PEG ratio of 1.72 and a beta of 1.29. The business has a 50 day moving average price of $24.51 and a 200 day moving average price of $24.49.

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

MGIC Investment Dividend Announcement

The business 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 of this dividend 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 is currently 18.31%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp grew its position in shares of MGIC Investment by 0.8% during the 3rd quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock worth $232,767,000 after buying an additional 73,851 shares in the last quarter. Franklin Resources Inc. grew its holdings in MGIC Investment by 6.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after acquiring an additional 98,369 shares in the last quarter. Vest Financial LLC grew its holdings in MGIC Investment by 3.7% during the 3rd quarter. Vest Financial LLC now owns 1,113,258 shares of the insurance provider’s stock worth $28,499,000 after acquiring an additional 39,502 shares in the last quarter. Mackenzie Financial Corp increased its position in MGIC Investment by 2.9% during the 2nd quarter. Mackenzie Financial Corp now owns 879,674 shares of the insurance provider’s stock valued at $18,957,000 after purchasing an additional 24,627 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of MGIC Investment in the 3rd quarter valued at about $13,535,000. Institutional investors own 95.58% of the company’s stock.

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.