MGIC Investment (NYSE:MTG) updated by to buy has updated the shares of MGIC Investment (NYSE:MTG – Get a rating) from a hold rating to a buy rating in a research report released Friday morning.

Separately, BTIG Research lowered its price target on MGIC Investment shares from $18.00 to $17.00 in a Tuesday, April 12 research report. Three equity research analysts gave the stock a hold rating, three gave the stock a buy rating and one gave the stock a strong buy rating. According to, MGIC Investment currently has an average buy rating and consensus target price of $18.07.

MTG opened at $13.05 on Friday. The company has a debt ratio of 0.20, a current ratio of 0.61 and a quick ratio of 0.61. The company’s 50-day moving average is $13.55 and its 200-day moving average is $14.56. MGIC Investment has a fifty-two week low of $12.60 and a fifty-two week high of $16.84. The company has a market capitalization of $4.04 billion, a P/E ratio of 6.66, a PEG ratio of 1.14 and a beta of 1.50.

MGIC Investment (NYSE:MTG – Get Rating) last released its quarterly results on Wednesday, May 4. The insurance provider reported earnings per share of $0.60 for the quarter, beating consensus analyst estimates of $0.49 by $0.11. MGIC Investment posted a net margin of 55.82% and a return on equity of 14.61%. The company posted revenue of $294.60 million for the quarter, compared to analyst estimates of $292.28 million. In the same period last year, the company earned $0.42 per share. The company’s revenue was down 1.1% year over year. On average, equity research analysts expect MGIC Investment to post earnings per share of 2.27 for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 26. Shareholders of record on Thursday, May 12 will receive a dividend of $0.08. The ex-date of this dividend is Wednesday, May 11. This represents an annualized dividend of $0.32 and a dividend yield of 2.45%. The distribution rate of MGIC Investment is 16.33%.

Several institutional investors and hedge funds have recently bought and sold shares of MTG. Norges Bank bought a new equity position from MGIC Investment in the fourth quarter for a value of approximately $55,742,000. Arrowstreet Capital Limited Partnership purchased a new equity position from MGIC Investment in the third quarter worth approximately $51,957,000. National Bank of Canada FI purchased a new equity position from MGIC Investment in the fourth quarter worth approximately $49,725,000. William Blair Investment Management LLC increased its stake in MGIC Investment shares to 47,654.3% in the third quarter. William Blair Investment Management LLC now owns 3,008,519 shares of the insurance provider worth $45,007,000 after buying an additional 3,002,219 shares last quarter. Finally, the Royal Bank of Canada increased its stake in the shares of MGIC Investment by 75.1% in the third quarter. Royal Bank of Canada now owns 4,400,608 shares of the insurance provider worth $65,832,000 after buying an additional 1,886,750 shares last quarter. Hedge funds and other institutional investors hold 94.10% of the company’s shares.

MGIC Investment Company Profile (Get an evaluation)

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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