UBS Group Cuts MGIC Investment (NYSE:MTG) Price Target to $28.00

MGIC Investment (NYSE:MTG) had its price objective reduced by UBS Group from $29.50 to $28.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

Several other analysts have also recently weighed in on the company. Weiss Ratings cut MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, February 5th. Keefe, Bruyette & Woods increased their price objective on MGIC Investment from $27.00 to $28.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. Finally, Barclays dropped their target price on MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating for the company in a report on Wednesday, February 4th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, MGIC Investment currently has a consensus rating of “Hold” and a consensus price target of $28.00.

MGIC Investment Stock Down 0.4%

MGIC Investment stock opened at $26.01 on Thursday. The company’s 50-day moving average price is $26.85 and its two-hundred day moving average price is $27.71. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.13. The stock has a market cap of $5.59 billion, a P/E ratio of 8.28, a P/E/G ratio of 2.07 and a beta of 0.83. MGIC Investment has a twelve month low of $21.94 and a twelve month high of $29.97.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.During the same quarter in the previous year, the firm earned $0.72 earnings per share. The company’s quarterly revenue was down .9% on a year-over-year basis. As a group, analysts expect that MGIC Investment will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.3%. The ex-dividend date was Tuesday, February 17th. MGIC Investment’s payout ratio is currently 19.11%.

Insiders Place Their Bets

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,203 shares of the firm’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total value of $3,690,271.53. Following the sale, the chief executive officer owned 822,588 shares of the company’s stock, valued at approximately $21,806,807.88. This trade represents a 14.47% decrease in their position. 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 MGIC Investment stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $27.27, for a total value of $818,100.00. Following the completion of the transaction, the chief operating officer owned 454,245 shares in the company, valued at approximately $12,387,261.15. The trade was a 6.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 189,203 shares of company stock worth $5,058,572 over the last three months. Insiders own 1.05% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MTG. Corient Private Wealth LLC lifted its holdings in shares of MGIC Investment by 21.7% in the fourth quarter. Corient Private Wealth LLC now owns 219,460 shares of the insurance provider’s stock worth $6,413,000 after acquiring an additional 39,072 shares during the last quarter. Hsbc Holdings PLC boosted its stake in shares of MGIC Investment by 24.5% in the 4th quarter. Hsbc Holdings PLC now owns 207,412 shares of the insurance provider’s stock valued at $6,089,000 after purchasing an additional 40,751 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of MGIC Investment by 957.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,046 shares of the insurance provider’s stock valued at $89,000 after purchasing an additional 2,758 shares during the last quarter. DGS Capital Management LLC increased its position in MGIC Investment by 4.2% during the 4th quarter. DGS Capital Management LLC now owns 93,900 shares of the insurance provider’s stock worth $2,744,000 after purchasing an additional 3,748 shares in the last quarter. Finally, Kera Capital Partners Inc. increased its position in MGIC Investment by 58.6% during the 4th quarter. Kera Capital Partners Inc. now owns 24,309 shares of the insurance provider’s stock worth $654,000 after purchasing an additional 8,977 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

About MGIC Investment

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.