MGIC Investment Co. (NYSE:MTG) Receives Average Recommendation of “Hold” from Brokerages

Shares of MGIC Investment Co. (NYSE:MTG) have been assigned an average rating of “Hold” from the eight analysts that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $26.75.

Several brokerages have issued reports on MTG. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. UBS Group raised their price target on MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Compass Point reaffirmed a “neutral” rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Barclays lifted their target price on MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Keefe, Bruyette & Woods cut their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research note on Wednesday, January 8th.

MGIC Investment Stock Up 2.2 %

Shares of NYSE MTG opened at $24.08 on Tuesday. The stock has a market cap of $5.84 billion, a PE ratio of 8.30 and a beta of 1.28. MGIC Investment has a 52-week low of $19.26 and a 52-week high of $26.56. The business has a 50-day moving average price of $24.31 and a 200 day moving average price of $24.68. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. Equities research analysts forecast that MGIC Investment will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date was Tuesday, February 18th. MGIC Investment’s dividend payout ratio (DPR) is currently 17.93%.

Insider Transactions at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the sale, the chief accounting officer now owns 75,070 shares of the company’s stock, valued at approximately $1,842,968.50. The trade was a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.05% of the company’s stock.

Institutional Investors Weigh In On MGIC Investment

A number of hedge funds and other institutional investors have recently modified their holdings of MTG. Wealth Enhancement Advisory Services LLC increased its stake in MGIC Investment by 0.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,618,145 shares of the insurance provider’s stock valued at $38,366,000 after purchasing an additional 7,217 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in MGIC Investment in the 4th quarter valued at about $9,948,000. Peak Retirement Planning Inc. purchased a new position in MGIC Investment during the 4th quarter valued at about $512,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in MGIC Investment by 3.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,206,491 shares of the insurance provider’s stock worth $28,606,000 after acquiring an additional 45,448 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in shares of MGIC Investment by 423.3% in the fourth quarter. Squarepoint Ops LLC now owns 493,749 shares of the insurance provider’s stock valued at $11,707,000 after purchasing an additional 399,397 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

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.