Roth Mkm Boosts MGIC Investment (NYSE:MTG) Price Target to $30.00

MGIC Investment (NYSE:MTG) had its target price hoisted by Roth Mkm from $24.00 to $30.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a buy rating on the insurance provider’s stock.

A number of other brokerages have also issued reports on MTG. Keefe, Bruyette & Woods upgraded shares of MGIC Investment from a market perform rating to an outperform rating and raised their target price for the stock from $24.00 to $25.00 in a research report on Monday, June 3rd. UBS Group raised their price objective 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. Finally, Barclays upped their target price on shares of MGIC Investment from $21.00 to $23.00 and gave the company an equal weight rating in a report on Friday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $24.20.

MGIC Investment Stock Down 2.9 %

Shares of MGIC Investment stock traded down $0.70 during trading hours on Friday, hitting $23.44. The company had a trading volume of 917,320 shares, compared to its average volume of 1,875,693. The company’s 50-day moving average is $22.03 and its two-hundred day moving average is $20.93. MGIC Investment has a twelve month low of $16.30 and a twelve month high of $25.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.05. The company has a market cap of $6.08 billion, a P/E ratio of 9.28, a price-to-earnings-growth ratio of 3.02 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping 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 company had revenue of $305.28 million for the quarter, compared to analyst estimates of $301.02 million. During the same quarter last year, the company posted $0.68 earnings per share. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. Analysts anticipate that MGIC Investment will post 2.54 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Thursday, August 8th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. MGIC Investment’s dividend payout ratio (DPR) is currently 17.69%.

Institutional Investors Weigh In On MGIC Investment

A number of hedge funds and other institutional investors have recently modified their holdings of MTG. Versant Capital Management Inc raised its position in shares of MGIC Investment by 482.7% in the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after buying an additional 946 shares during the last quarter. GAMMA Investing LLC purchased a new stake in shares of MGIC Investment in the fourth quarter valued at $30,000. Pacific Capital Wealth Advisors Inc. acquired a new position in MGIC Investment in the fourth quarter valued at $31,000. Quarry LP lifted its position 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 during the period. Finally, CWM LLC boosted its stake in MGIC Investment by 249.1% in the 1st quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after buying an additional 1,552 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

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.