MGIC Investment Co. (NYSE:MTG) Receives Average Rating of “Buy” from Analysts


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MGIC Investment Co. (NYSE:MTG) has been assigned a consensus rating of “Buy” from the ten brokerages that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $13.53.

Separately, Zacks Investment Research raised shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research report on Tuesday, April 27th.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MTG. BlackRock Inc. boosted its stake in shares of MGIC Investment by 100.4% during the fourth quarter. BlackRock Inc. now owns 30,368,321 shares of the insurance provider’s stock valued at $381,122,000 after purchasing an additional 15,217,812 shares in the last quarter. Principal Financial Group Inc. lifted its position in MGIC Investment by 4,147.7% during the fourth quarter. Principal Financial Group Inc. now owns 7,595,672 shares of the insurance provider’s stock valued at $95,326,000 after acquiring an additional 7,416,855 shares during the last quarter. Norges Bank purchased a new stake in MGIC Investment during the fourth quarter valued at approximately $77,133,000. Morgan Stanley lifted its position in MGIC Investment by 480.4% during the fourth quarter. Morgan Stanley now owns 3,676,571 shares of the insurance provider’s stock valued at $46,140,000 after acquiring an additional 3,043,075 shares during the last quarter. Finally, Brown Advisory Inc. lifted its position in MGIC Investment by 13,851.1% during the fourth quarter. Brown Advisory Inc. now owns 2,825,789 shares of the insurance provider’s stock valued at $35,463,000 after acquiring an additional 2,805,534 shares during the last quarter. Hedge funds and other institutional investors own 89.86% of the company’s stock.

MGIC Investment stock traded up $0.05 during midday trading on Tuesday, reaching $15.40. The stock had a trading volume of 3,309,020 shares, compared to its average volume of 3,361,282. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.28. MGIC Investment has a 52-week low of $6.05 and a 52-week high of $15.68. The firm has a market cap of $5.22 billion, a price-to-earnings ratio of 11.58, a price-to-earnings-growth ratio of 1.67 and a beta of 1.84. The company has a fifty day moving average of $14.03 and a 200 day moving average of $12.56.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Monday, February 22nd. The insurance provider reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.04. MGIC Investment had a net margin of 39.04% and a return on equity of 11.08%. The company had revenue of $302.28 million for the quarter, compared to analyst estimates of $301.73 million. During the same period in the prior year, the company posted $0.49 EPS. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. Equities research analysts predict that MGIC Investment will post 1.26 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 27th. Stockholders of record on Thursday, May 13th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, May 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.56%. MGIC Investment’s dividend payout ratio is presently 13.04%.

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, 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.

See Also: Sell-Side Analysts

Analyst Recommendations for MGIC Investment (NYSE:MTG)

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