MGIC Investment Co. Declares Quarterly Dividend of $0.12 (NYSE:MTG)

MGIC Investment Co. (NYSE:MTGGet Free Report) declared a quarterly dividend on Tuesday, January 23rd, Wall Street Journal reports. Shareholders of record on Thursday, February 15th will be given a dividend of 0.115 per share by the insurance provider on Tuesday, March 5th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Wednesday, February 14th.

MGIC Investment has raised its dividend payment by an average of 21.5% per year over the last three years and has increased its dividend annually for the last 3 consecutive years. MGIC Investment has a payout ratio of 18.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect MGIC Investment to earn $2.52 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 18.3%.

MGIC Investment Stock Performance

MGIC Investment stock opened at $19.07 on Monday. The stock’s 50 day moving average is $19.21 and its 200 day moving average is $17.96. The company has a quick ratio of 0.63, a current ratio of 0.61 and a debt-to-equity ratio of 0.13. MGIC Investment has a twelve month low of $12.15 and a twelve month high of $20.26. The company has a market capitalization of $5.29 billion, a P/E ratio of 7.66, a PEG ratio of 1.58 and a beta of 1.24.

Wall Street Analysts Forecast Growth

Several analysts have commented on MTG shares. UBS Group started coverage on MGIC Investment in a research note on Wednesday, December 6th. They set a “neutral” rating and a $18.50 target price on the stock. Barclays started coverage on MGIC Investment in a research note on Wednesday, November 15th. They set an “equal weight” rating and a $19.00 target price on the stock. Roth Mkm increased their target price on MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Finally, Royal Bank of Canada increased their price target on MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a report on Friday, February 2nd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $20.50.

Check Out Our Latest Research Report on MTG

Hedge Funds Weigh In On MGIC Investment

Institutional investors have recently bought and sold shares of the stock. Lazard Asset Management LLC bought a new position in MGIC Investment in the 1st quarter worth $26,000. Industrial Alliance Investment Management Inc. raised its holdings in MGIC Investment by 374.0% in the 4th quarter. Industrial Alliance Investment Management Inc. now owns 3,925 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 3,097 shares during the period. Neo Ivy Capital Management bought a new position in MGIC Investment in the 2nd quarter worth $124,000. Covestor Ltd raised its holdings in MGIC Investment by 84.1% in the 1st quarter. Covestor Ltd now owns 9,642 shares of the insurance provider’s stock worth $131,000 after purchasing an additional 4,404 shares during the period. Finally, Beacon Pointe Advisors LLC bought a new position in MGIC Investment in the 1st quarter worth $154,000. 93.41% of the stock is owned by institutional investors.

About MGIC Investment

(Get Free Report)

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.

See Also

Dividend History for MGIC Investment (NYSE:MTG)

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