MGIC Investment Co. (NYSE:MTG) Receives Consensus ‘Moderate Buy’ Recommendation From Analysts
Shares of MGIC Investment Co. (NYSE:MTG – Get Rating) have earned a consensus “moderate buy” rating from the seven rating agencies that currently cover the company, Marketbeat.com reports. Two equity research analysts rated the stock with a hold rating and four issued a buy rating on the company. The 12-month average price target among brokerages that have covered the stock over the past year is $17.92.
MTG has been the subject of a number of recent analyst reports. BTIG Research lowered its price target on MGIC Investment from $18.00 to $17.00 in a Tuesday, April 12 report. Royal Bank of Canada upgraded MGIC Investment from an ‘sector performance’ rating to an ‘outperform’ rating and raised its price target for the stock from $15.00 to $16.00 in a note. research on Thursday, June 23. Finally, StockNews.com upgraded MGIC Investment from a “hold” rating to a “buy” rating in a Friday, May 13 research note.
MGIC Investment Trading up 0.7%
MTG shares opened at $13.64 on Thursday. The company’s fifty-day moving average price is $13.04 and its 200-day moving average price is $13.98. MGIC Investment has a 1-year low of $11.38 and a 1-year high of $16.84. The company has a market capitalization of $4.22 billion, a PE ratio of 6.96, a P/E/G ratio of 1.16 and a beta of 1.47. The company has a debt ratio of 0.20, a current ratio of 0.61 and a quick ratio of 0.61.
MGIC Investment (NYSE:MTG – Get Rating) last reported quarterly earnings data on Wednesday, May 4. The insurance provider reported earnings per share of $0.60 for the quarter, beating analysts’ consensus estimate of $0.58 by $0.02. MGIC Investment had a return on equity of 14.61% and a net margin of 55.82%. The company posted revenue of $294.60 million for the quarter, compared to analyst estimates of $292.28 million. In the same quarter a year earlier, the company posted earnings per share of $0.42. MGIC Investment’s quarterly revenue was down 1.1% year-over-year. As a group, sell-side analysts expect MGIC Investment to post EPS of 2.27 for the current fiscal year.
MGIC Investment announces dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 26. Shareholders of record on Thursday, May 12 received a dividend of $0.08 per share. This represents a dividend of $0.32 on an annualized basis and a yield of 2.35%. The ex-dividend date was Wednesday, May 11. MGIC Investment’s dividend payout ratio is currently 16.33%.
Institutional entries and exits
A number of large investors have recently bought and sold shares of MTG. Lazard Asset Management LLC bought a new position in MGIC Investment during Q1 worth approximately $26,000. Cyrus J. Lawrence LLC purchased a new equity stake from MGIC Investment in Q1 worth approximately $33,000. Quent Capital LLC bought a new stake in the shares of MGIC Investment in the 4th quarter for a value of approximately $49,000. Meeder Asset Management Inc. increased its equity stake in MGIC Investment to 87,240.0% in Q1. Meeder Asset Management Inc. now owns 4,367 shares of the insurance provider worth $59,000 after buying 4,362 additional shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in the shares of MGIC Investment in Q4 for a value of approximately $71,000. Institutional investors hold 94.10% of the company’s shares.
About MGIC Investment
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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, Puerto Rico and in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest, and various expenses associated with default and subsequent foreclosure.
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