MGIC Investment (NYSE:MTG) Price Target Raised to $23.00

MGIC Investment (NYSE:MTG) had its price target upped by Barclays from $21.00 to $23.00 in a report issued on Friday, Benzinga reports. Barclays currently has an equal weight rating on the insurance provider’s stock.

Other research analysts have also issued reports about the company. Keefe, Bruyette & Woods raised MGIC Investment from a market perform rating to an outperform rating and upped their target price for the stock from $24.00 to $25.00 in a research report on Monday, June 3rd. UBS Group lifted their price target on shares of MGIC Investment from $21.00 to $22.00 and gave the stock a neutral rating in a research report on Wednesday, May 22nd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $24.33.

MGIC Investment Stock Down 3.0 %

MGIC Investment stock traded down $0.72 during midday trading on Friday, hitting $23.42. The stock had a trading volume of 2,501,249 shares, compared to its average volume of 1,886,324. The stock has a market cap of $6.07 billion, a P/E ratio of 8.99, a P/E/G ratio of 3.02 and a beta of 1.28. The business has a fifty day moving average price of $22.03 and a 200 day moving average price of $20.93. The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 0.13. MGIC Investment has a 12 month low of $16.30 and a 12 month high of $25.93.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.62 by $0.15. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The business had revenue of $305.28 million during the quarter, compared to the consensus estimate of $301.02 million. During the same period in the prior year, the business posted $0.68 earnings per share. MGIC Investment’s revenue was up 5.0% compared to the same quarter last year. Research analysts predict that MGIC Investment will post 2.54 EPS for the current year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be given a $0.13 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.52 annualized dividend and a dividend yield of 2.22%. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.12. MGIC Investment’s dividend payout ratio is currently 17.69%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MTG. Versant Capital Management Inc lifted its holdings in shares of MGIC Investment by 482.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 946 shares during the last quarter. GAMMA Investing LLC purchased a new stake in shares of MGIC Investment during the fourth quarter valued at $30,000. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of MGIC Investment in the 4th quarter valued at about $31,000. Quarry LP boosted its holdings in MGIC Investment by 244.4% during the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after buying an additional 1,403 shares in the last quarter. Finally, CWM LLC grew its position in shares of MGIC Investment by 249.1% during the 1st quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock valued at $49,000 after acquiring an additional 1,552 shares during the period. Institutional investors own 95.58% of the company’s stock.

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.