Analysts Set MGIC Investment Co. (NYSE:MTG) PT at $24.33

by · The Markets Daily

MGIC Investment Co. (NYSE:MTG – Get Free Report) has earned a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $24.33.

MTG has been the subject of a number of recent research reports. BTIG Research boosted their target price on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Roth Mkm boosted their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, Barclays boosted their target price on MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd.

Check Out Our Latest Analysis on MGIC Investment

Hedge Funds Weigh In On MGIC Investment

A number of large investors have recently bought and sold shares of MTG. Versant Capital Management Inc increased its stake in MGIC Investment by 482.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 946 shares during the period. Quarry LP increased its stake in MGIC Investment by 244.4% in the 4th quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 1,403 shares during the period. CWM LLC increased its stake in MGIC Investment by 249.1% in the 1st quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 1,552 shares during the period. Fidelis Capital Partners LLC purchased a new position in shares of MGIC Investment during the first quarter valued at approximately $50,000. Finally, GAMMA Investing LLC increased its stake in shares of MGIC Investment by 76.2% during the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock valued at $66,000 after buying an additional 1,328 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Stock Performance

NYSE:MTG opened at $25.70 on Tuesday. The business’s 50-day moving average price is $24.74 and its two-hundred day moving average price is $22.48. MGIC Investment has a twelve month low of $16.32 and a twelve month high of $25.93. The stock has a market cap of $6.85 billion, a P/E ratio of 9.88, a PEG ratio of 1.37 and a beta of 1.28. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG – Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.15. The firm had revenue of $305.28 million for the quarter, compared to analysts’ expectations of $301.02 million. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The company’s revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.68 EPS. As a group, equities analysts predict that MGIC Investment will post 2.76 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were paid a $0.13 dividend. This is a boost from MGIC Investment’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date was Thursday, August 8th. MGIC Investment’s payout ratio is 20.00%.

About MGIC Investment

(Get Free Report

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.

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