MGIC Investment (NYSE:MTG) Price Target Raised to $29.00

MGIC Investment (NYSE:MTG) had its price target lifted by Barclays from $28.00 to $29.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an equal weight rating on the insurance provider’s stock.

A number of other analysts also recently weighed in on the company. Royal Bank Of Canada boosted their target price on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Weiss Ratings raised shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods boosted their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a report on Friday, July 31st. BTIG Research initiated coverage on shares of MGIC Investment in a report on Tuesday, September 22nd. They issued a “hold” rating for the company. Finally, Zacks Research raised shares of MGIC Investment from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 25th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.80.

MGIC Investment Trading Down 1.0%

NYSE MTG opened at $27.08 on Monday. The stock’s 50-day simple moving average is $29.97 and its two-hundred day simple moving average is $28.11. MGIC Investment has a twelve month low of $24.69 and a twelve month high of $31.89. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $5.55 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 0.70 and a beta of 0.67.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.11. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The firm had revenue of $295.39 million during the quarter, compared to analyst estimates of $297.54 million. During the same quarter in the previous year, the company posted $0.82 earnings per share. The company’s revenue was down 2.9% compared to the same quarter last year. Research analysts forecast that MGIC Investment will post 3.24 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were given a $0.17 dividend. The ex-dividend date was Wednesday, August 5th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 2.5%. MGIC Investment’s dividend payout ratio is presently 21.25%.

Insider Activity

In related news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $26.06, for a total value of $781,800.00. Following the transaction, the chief operating officer directly owned 440,951 shares of the company’s stock, valued at $11,491,183.06. The trade was a 6.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 137,114 shares of the company’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $26.23, for a total transaction of $3,596,500.22. Following the sale, the chief executive officer owned 843,778 shares of the company’s stock, valued at $22,132,296.94. This represents a 13.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 217,114 shares of company stock valued at $5,906,200. 1.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MGIC Investment

A number of large investors have recently added to or reduced their stakes in the company. Baird Financial Group Inc. boosted its stake in MGIC Investment by 3.1% in the 2nd quarter. Baird Financial Group Inc. now owns 13,092 shares of the insurance provider’s stock worth $369,000 after purchasing an additional 392 shares in the last quarter. Compound Planning Inc. grew its position in MGIC Investment by 4.3% during the 1st quarter. Compound Planning Inc. now owns 10,392 shares of the insurance provider’s stock valued at $273,000 after purchasing an additional 433 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in MGIC Investment by 1.1% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock valued at $1,181,000 after purchasing an additional 481 shares in the last quarter. Versant Capital Management Inc increased its stake in MGIC Investment by 9.4% during the 3rd quarter. Versant Capital Management Inc now owns 5,917 shares of the insurance provider’s stock valued at $153,000 after purchasing an additional 508 shares in the last quarter. Finally, Lido Advisors LLC raised its holdings in MGIC Investment by 2.4% in the first quarter. Lido Advisors LLC now owns 24,373 shares of the insurance provider’s stock worth $640,000 after buying an additional 574 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

About MGIC Investment

MGIC Investment Corporation is a holding company whose principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), provides private mortgage insurance in the United States. Its insurance helps lenders manage credit risk on residential mortgage loans, particularly loans made to borrowers who provide down payments below traditional thresholds.

MGIC’s products are primarily designed for lenders and other mortgage-finance participants, including primary mortgage insurance covering individual residential loans.