MGIC Investment Co. (NYSE: MTG – Get Rating) received a consensus recommendation “Moderate buying” from the seven research firms that currently cover the company, according to MarketBeat Ratings. Two analysts rated the shares with a retention recommendation, and four issued a recommendation to buy the company. The average 1-year target price among brokers that have covered shares in the last year is $ 17.92.
MTG has been the subject of several research reports. Royal Bank of Canada raised MGIC Investment from a sector performance rating to a “superior” rating and raised its share price target from $ 15.00 to $ 16.00 in a report on Thursday. StockNews.com raised MGIC Investment’s rating from a “hold” to a “buy” rating in a report on Friday, May 13th. Finally, BTIG Research lowered its price target for MGIC Investment from $ 18.00 to $ 17.00 in a report on Tuesday, April 12.
Hedge funds recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of MGIC Investment by 3.7% in the first quarter. Vanguard Group Inc. already owns 33,025,974 shares of the insurance provider’s shares worth $ 447,501,000 after purchasing an additional 1,166,300 shares in the last quarter. BlackRock Inc. increased its position in the shares of MGIC Investment by 0.5% in the first quarter. BlackRock Inc. now owns 27,872,353 shares of the insurance provider’s shares worth $ 377,670,000 after purchasing an additional 127,008 shares in the last quarter. Goldman Sachs Group Inc. increased its position in the shares of MGIC Investment by 38.4% in the first quarter. Goldman Sachs Group Inc. now owns 10,458,631 shares of the insurance provider’s shares worth $ 141,715,000 after purchasing an additional 2,904,381 shares in the last quarter. Bank of Nova Scotia increased its position in the shares of MGIC Investment by 18.6% in the first quarter. Bank of Nova Scotia already owns 9,803,863 shares of the insurance provider’s shares worth $ 132,842,000 after buying an additional 1,534,540 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in the shares of MGIC Investment by 14.8% in the 1st quarter. JPMorgan Chase & Co. now owns 9,608,483 shares of the insurance provider’s shares worth $ 130,194,000 after purchasing an additional 1,235,554 shares in the last quarter. 94.10% of the shares are currently owned by institutional investors.
NYSE: MTG opened at $ 12.75 on Friday. The 50-day moving average share price is $ 13.16, and its two-day moving average price is $ 14.12. MGIC Investment has a 52-week low of $ 11.38 and a 52-week high of $ 16.84. The company has a debt to equity ratio of 0.20, a fast ratio of 0.61 and a current ratio of 0.61. The company has a market capitalization of $ 3.95 billion, a price / profit ratio of 6.51, a P / E / G ratio of 1.10 and a beta ratio of 1.49.
MGIC Investment (NYSE: MTG – Get Rating) last released its quarterly earnings data on Wednesday, May 4th. The insurance provider reported $ 0.60 earnings per share (EPS) for the quarter, exceeding the consensus estimate of $ 0.58 by $ 0.02. MGIC Investment had a return on equity of 14.61% and a net profit of 55.82%. The company had revenue of $ 294.60 million for the quarter, compared to the consensus estimate of $ 292.28 million. In the same quarter of the previous year, the business earned $ 0.42 EPS. Business revenues for the quarter decreased by 1.1% compared to the same quarter last year. On average, stock analysts predict that MGIC Investment will report 2.27 EPS for the current fiscal year.
The business also recently announced a three-month dividend, which was paid on Thursday (May 26th). The record shareholders on Thursday, May 12, received a dividend of $ 0.08. This represents a $ 0.32 dividend on an annual basis and a dividend yield of 2.51%. The date of the former dividend of this dividend was Wednesday, May 11. The dividend payout ratio (DPR) of MGIC Investment is currently 16.33%.
About MGIC Investment (Get a rating)
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage risk management solutions and additional services to lenders and government-sponsored organizations in the United States, Puerto Rico and Guam. The company offers primary mortgage insurance, which provides protection against default on mortgage loans on individual loans, as well as covers unpaid principal on the loan, overdue interest and various costs associated with default and subsequent foreclosure.
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