MGIC Investment Corporation (NYSE:MTG) Given Consensus Recommendation of “Moderate Buy” by Brokerages

MGIC Investment Corporation (NYSE:MTG) has been given a consensus recommendation of “Moderate Buy” by the seven ratings firms that are presently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $30.60.

Several brokerages have recently issued reports on MTG. Royal Bank Of Canada upped their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a report on Friday, July 31st. Keefe, Bruyette & Woods boosted their price objective on MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, July 31st. Weiss Ratings raised MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Zacks Research upgraded MGIC Investment from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 25th. Finally, Roth Capital reissued a “buy” rating and set a $35.00 price target on shares of MGIC Investment in a research note on Thursday, July 30th.

MGIC Investment Trading Up 0.3%

Shares of MGIC Investment stock opened at $31.08 on Monday. The firm has a market capitalization of $6.38 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average is $29.51 and its 200 day moving average is $27.55. MGIC Investment has a 1 year low of $24.69 and a 1 year high of $31.89.

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

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Wednesday, August 5th were issued a $0.17 dividend. This is a boost from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, August 5th. This represents a $0.68 dividend on an annualized basis and a yield of 2.2%. MGIC Investment’s dividend payout ratio (DPR) is 21.25%.

Insider Activity at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $30.30, for a total transaction of $606,000.00. Following the completion of the transaction, the executive vice president owned 149,620 shares of the company’s stock, valued at approximately $4,533,486. This trade represents a 11.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the transaction, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at $14,236,936.38. The trade was a 5.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.34% of the stock is owned by company insiders.

Institutional Trading of MGIC Investment

A number of institutional investors and hedge funds have recently bought and sold shares of MTG. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in MGIC Investment during the 2nd quarter worth $29,919,000. California State Teachers Retirement System grew its position in shares of MGIC Investment by 2,724.4% in the 2nd quarter. California State Teachers Retirement System now owns 7,744,171 shares of the insurance provider’s stock valued at $218,386,000 after buying an additional 7,469,978 shares during the last quarter. HB Wealth Management LLC increased its stake in shares of MGIC Investment by 52.4% in the second quarter. HB Wealth Management LLC now owns 24,415 shares of the insurance provider’s stock valued at $689,000 after buying an additional 8,398 shares during the period. Nilsine Partners LLC increased its stake in shares of MGIC Investment by 3.3% in the second quarter. Nilsine Partners LLC now owns 116,284 shares of the insurance provider’s stock valued at $3,279,000 after buying an additional 3,680 shares during the period. Finally, AlphaGrep UK Ltd bought a new position in shares of MGIC Investment during the second quarter worth about $366,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.