Brokerages Set MGIC Investment Corporation (NYSE:MTG) Target Price at $26.63

Shares of MGIC Investment Corporation (NYSE:MTG) have been assigned an average recommendation of “Hold” from the eight analysts that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $26.63.

MTG has been the topic of several recent analyst reports. Compass Point restated a “neutral” rating and set a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Keefe, Bruyette & Woods decreased their price objective on shares of MGIC Investment from $28.00 to $26.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 8th.

MGIC Investment Stock Up 2.2%

MTG opened at $28.52 on Thursday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. MGIC Investment has a 1-year low of $21.20 and a 1-year high of $28.67. The company has a market capitalization of $6.77 billion, a PE ratio of 9.48, a PEG ratio of 2.61 and a beta of 0.89. The firm’s 50 day simple moving average is $26.60 and its two-hundred day simple moving average is $24.96.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.09. The business had revenue of $306.23 million for the quarter, compared to the consensus estimate of $306.66 million. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $0.65 earnings per share. As a group, equities analysts forecast that MGIC Investment will post 2.71 EPS for the current year.

MGIC Investment declared that its Board of Directors has approved a share repurchase program on Thursday, April 24th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the insurance provider to repurchase up to 12.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Thursday, May 8th were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, May 8th. This represents a $0.52 annualized dividend and a yield of 1.82%. MGIC Investment’s payout ratio is 17.28%.

Insider Activity at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the completion of the transaction, the executive vice president directly owned 157,395 shares of the company’s stock, valued at approximately $4,169,393.55. The trade was a 11.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.05% of the stock is owned by insiders.

Institutional Investors Weigh In On MGIC Investment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MTG. EP Wealth Advisors LLC lifted its position in shares of MGIC Investment by 0.9% in the 1st quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider’s stock worth $1,127,000 after purchasing an additional 398 shares during the period. Brooklyn Investment Group increased its stake in MGIC Investment by 15.5% during the 1st quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider’s stock valued at $77,000 after purchasing an additional 416 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of MGIC Investment by 21.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock valued at $55,000 after acquiring an additional 419 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of MGIC Investment by 1.9% in the 1st quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider’s stock valued at $548,000 after acquiring an additional 421 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of MGIC Investment by 4.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock valued at $270,000 after acquiring an additional 437 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Company Profile

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.