MGIC Investment Co. (NYSE:MTG) Given Average Recommendation of “Hold” by Brokerages

MGIC Investment Co. (NYSE:MTG) has been assigned a consensus rating of “Hold” from the eight analysts that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $26.50.

A number of equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods lowered their price target on shares of MGIC Investment from $28.00 to $26.00 and set a “market perform” rating for the company in a report on Tuesday, April 8th. Barclays raised their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. UBS Group raised their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, Compass Point reissued a “neutral” rating and issued a $27.00 target price (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the transaction, the chief accounting officer now directly owns 75,070 shares of the company’s stock, valued at $1,842,968.50. The trade was a 5.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.05% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Brooklyn Investment Group lifted its position in shares of 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 in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of MGIC Investment by 21.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock worth $55,000 after purchasing an additional 419 shares in the last quarter. Signaturefd LLC lifted its position in shares of MGIC Investment by 1.9% during the first quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider’s stock worth $548,000 after purchasing an additional 421 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of MGIC Investment by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock worth $270,000 after purchasing an additional 437 shares in the last quarter. Finally, Xponance Inc. lifted its position in shares of MGIC Investment by 1.3% during the fourth quarter. Xponance Inc. now owns 35,320 shares of the insurance provider’s stock worth $837,000 after purchasing an additional 442 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Stock Performance

Shares of NYSE MTG opened at $26.61 on Wednesday. The company has a market cap of $6.32 billion, a PE ratio of 9.18 and a beta of 0.91. MGIC Investment has a 12 month low of $20.11 and a 12 month high of $26.91. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. The company has a 50-day simple moving average of $24.26 and a 200-day simple moving average of $24.47.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.09. The business had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 earnings per share. On average, equities analysts anticipate that MGIC Investment will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a yield of 1.95%. MGIC Investment’s dividend payout ratio (DPR) is 17.28%.

MGIC Investment declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 24th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 12.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.