MGIC Investment Corporation (NYSE:MTG) Receives $26.83 Average Target Price from Brokerages

Shares of MGIC Investment Corporation (NYSE:MTG) have earned a consensus recommendation of “Hold” from the six ratings firms that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $26.80.

Several analysts have recently commented on the company. Barclays raised their target price on MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research report on Monday, October 6th. Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th.

Insider Buying and Selling at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $27.44, for a total value of $548,800.00. Following the transaction, the executive vice president directly owned 117,395 shares of the company’s stock, valued at approximately $3,221,318.80. This represents a 14.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total value of $844,500.00. Following the sale, the chief operating officer directly owned 189,401 shares of the company’s stock, valued at approximately $5,331,638.15. The trade was a 13.67% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 219,203 shares of company stock worth $5,989,909. 1.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MGIC Investment

Institutional investors have recently bought and sold shares of the stock. SBI Securities Co. Ltd. boosted its stake in shares of MGIC Investment by 61.1% during the 3rd quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 395 shares in the last quarter. EP Wealth Advisors LLC lifted its holdings in MGIC Investment by 0.9% in the 1st quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider’s stock worth $1,127,000 after purchasing an additional 398 shares during the last quarter. Brooklyn Investment Group boosted its position in MGIC Investment by 15.5% during the first quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider’s stock worth $77,000 after purchasing an additional 416 shares during the period. Signaturefd LLC grew its holdings in MGIC Investment by 1.9% during the first quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider’s stock valued at $548,000 after purchasing an additional 421 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of MGIC Investment by 4.2% in the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock valued at $270,000 after purchasing an additional 437 shares during the period. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Stock Performance

MGIC Investment stock opened at $27.99 on Wednesday. MGIC Investment has a fifty-two week low of $21.94 and a fifty-two week high of $29.01. The firm’s 50 day simple moving average is $27.74 and its 200-day simple moving average is $26.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. The company has a market cap of $6.26 billion, a P/E ratio of 9.00, a price-to-earnings-growth ratio of 1.91 and a beta of 0.92.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, October 29th. The insurance provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.72 by $0.11. MGIC Investment had a net margin of 61.96% and a return on equity of 14.63%. The business had revenue of $304.51 million during the quarter, compared to the consensus estimate of $308.16 million. During the same quarter in the prior year, the firm earned $0.77 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis. As a group, equities research analysts predict that MGIC Investment will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Thursday, November 6th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, November 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. MGIC Investment’s payout ratio is presently 19.29%.

About MGIC Investment

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.