MGIC Investment Corporation (NYSE:MTG) Given Consensus Recommendation of “Hold” by Analysts

MGIC Investment Corporation (NYSE:MTG) has earned an average recommendation of “Hold” from the six analysts that are currently covering the firm, Marketbeat.com reports. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $28.25.

MTG has been the subject of several research analyst reports. Royal Bank Of Canada initiated coverage on shares of MGIC Investment in a research report on Friday. They set a “sector perform” rating for the company. Weiss Ratings lowered shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, February 5th. UBS Group dropped their target price on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, March 12th. Keefe, Bruyette & Woods lifted their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, April 10th. Finally, Barclays dropped their target price on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st.

Insider Activity at MGIC Investment

In other news, COO Salvatore A. Miosi sold 10,931 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $26.25, for a total value of $286,938.75. Following the completion of the sale, the chief operating officer directly owned 590,951 shares in the company, valued at approximately $15,512,463.75. The trade was a 1.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 139,202 shares of the business’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.49, for a total transaction of $3,687,460.98. Following the completion of the sale, the chief executive officer owned 1,118,005 shares of the company’s stock, valued at approximately $29,615,952.45. The trade was a 11.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.34% of the company’s stock.

Institutional Investors Weigh In On MGIC Investment

A number of hedge funds have recently made changes to their positions in the business. Alps Advisors Inc. raised its holdings in MGIC Investment by 60.6% during the 3rd quarter. Alps Advisors Inc. now owns 701,943 shares of the insurance provider’s stock valued at $19,914,000 after buying an additional 264,968 shares during the last quarter. Lingohr Asset Management GmbH raised its holdings in MGIC Investment by 1,625.5% during the 3rd quarter. Lingohr Asset Management GmbH now owns 233,534 shares of the insurance provider’s stock valued at $6,625,000 after buying an additional 220,000 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in MGIC Investment by 17.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 472,083 shares of the insurance provider’s stock valued at $13,393,000 after buying an additional 71,474 shares during the last quarter. Tudor Investment Corp ET AL raised its holdings in MGIC Investment by 106.1% during the 3rd quarter. Tudor Investment Corp ET AL now owns 687,445 shares of the insurance provider’s stock valued at $19,503,000 after buying an additional 353,935 shares during the last quarter. Finally, Assetmark Inc. raised its holdings in MGIC Investment by 1,208.1% during the 3rd quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider’s stock valued at $47,496,000 after buying an additional 1,546,173 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $26.16 on Friday. The company has a 50 day moving average of $26.77 and a 200 day moving average of $27.41. The stock has a market cap of $5.53 billion, a P/E ratio of 8.30, a P/E/G ratio of 1.81 and a beta of 0.71. MGIC Investment has a 12 month low of $24.77 and a 12 month high of $29.97. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The company had revenue of $297.08 million during the quarter, compared to analysts’ expectations of $303.12 million. During the same quarter in the previous year, the company earned $0.75 earnings per share. MGIC Investment’s revenue for the quarter was down 3.0% on a year-over-year basis. As a group, sell-side analysts forecast that MGIC Investment will post 3.06 EPS for the current fiscal year.

MGIC Investment announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 23rd that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the insurance provider to repurchase up to 12.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 annualized dividend and a yield of 2.3%. MGIC Investment’s payout ratio is presently 19.05%.

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.