MGIC Investment (NYSE:MTG) Hits New 52-Week High – Time to Buy?

MGIC Investment Corporation (NYSE:MTG)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $29.26 and last traded at $29.1650, with a volume of 1885405 shares traded. The stock had previously closed at $29.01.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. Barclays increased their target price on MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research note on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, MGIC Investment presently has an average rating of “Hold” and an average target price of $27.25.

MGIC Investment Trading Up 1.1%

The company has a market capitalization of $6.58 billion, a P/E ratio of 9.45, a price-to-earnings-growth ratio of 1.62 and a beta of 0.85. The business has a fifty day moving average price of $27.88 and a 200 day moving average price of $27.44. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. MGIC Investment had a return on equity of 14.62% and a net margin of 61.96%.The business had revenue of $304.51 million during the quarter, compared to the consensus estimate of $308.16 million. During the same period last year, the company earned $0.77 earnings per share. MGIC Investment’s quarterly revenue was down .7% on a year-over-year basis. On average, analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Thursday, November 6th. MGIC Investment’s dividend payout ratio (DPR) is currently 19.29%.

Insider Activity

In other news, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $27.44, for a total value of $548,800.00. Following the sale, the executive vice president owned 117,395 shares of the company’s stock, valued at $3,221,318.80. The trade was a 14.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $27.52, for a total transaction of $825,600.00. Following the completion of the transaction, the chief operating officer directly owned 159,401 shares of the company’s stock, valued at approximately $4,386,715.52. This trade represents a 15.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 219,203 shares of company stock worth $5,989,909 over the last ninety days. Insiders own 1.05% of the company’s stock.

Institutional Trading of MGIC Investment

A number of hedge funds and other institutional investors have recently modified their holdings of MTG. Alpine Bank Wealth Management acquired a new position in shares of MGIC Investment during the 3rd quarter worth approximately $28,000. Newbridge Financial Services Group Inc. bought a new stake in shares of MGIC Investment during the 3rd quarter worth approximately $28,000. True Wealth Design LLC boosted its holdings in shares of MGIC Investment by 262.5% in the 2nd quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock valued at $28,000 after buying an additional 727 shares during the last quarter. SBI Securities Co. Ltd. grew its stake in shares of MGIC Investment by 61.1% in the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock valued at $30,000 after buying an additional 395 shares in the last quarter. Finally, WPG Advisers LLC bought a new position in shares of MGIC Investment in the first quarter valued at $26,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

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, 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.