MGIC Investment Co. (NYSE:MTG) Announces Quarterly Dividend of $0.12

MGIC Investment Co. (NYSE:MTG) declared a quarterly dividend on Thursday, April 25th, Wall Street Journal reports. Stockholders of record on Thursday, May 9th will be given a dividend of 0.115 per share by the insurance provider on Tuesday, May 21st. This represents a $0.46 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Wednesday, May 8th.

MGIC Investment has increased its dividend by an average of 21.5% per year over the last three years and has increased its dividend every year for the last 3 years. MGIC Investment has a dividend payout ratio of 17.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect MGIC Investment to earn $2.58 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 17.8%.

MGIC Investment Price Performance

MTG opened at $20.95 on Tuesday. The stock’s 50-day moving average price is $20.61 and its 200 day moving average price is $19.29. MGIC Investment has a 12-month low of $14.51 and a 12-month high of $22.43. The firm has a market cap of $5.58 billion, a price-to-earnings ratio of 8.06, a PEG ratio of 1.67 and a beta of 1.24. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.05. The business had revenue of $294.40 million for the quarter, compared to analysts’ expectations of $301.62 million. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 earnings per share. As a group, sell-side analysts expect that MGIC Investment will post 2.48 earnings per share for the current year.

Analyst Ratings Changes

MTG has been the subject of several research reports. Royal Bank of Canada boosted their price target on shares of MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a research note on Friday, February 2nd. Roth Mkm boosted their target price on MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $24.00 price target (up previously from $23.50) on shares of MGIC Investment in a research report on Thursday, April 4th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $21.08.

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.