StockNews.com upgraded shares of MGIC Investment (NYSE:MTG – Get Rating) from a hold rating to a buy rating in a research report released on Friday morning.
Separately, BTIG Research dropped their price target on shares of MGIC Investment from $18.00 to $17.00 in a research report on Tuesday, April 12th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, MGIC Investment currently has an average rating of Buy and a consensus target price of $18.07.
MTG opened at $13.05 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.61 and a quick ratio of 0.61. The company’s 50-day moving average is $13.55 and its 200 day moving average is $14.56. MGIC Investment has a fifty-two week low of $12.60 and a fifty-two week high of $16.84. The firm has a market capitalization of $4.04 billion, a P/E ratio of 6.66, a PEG ratio of 1.14 and a beta of 1.50.
MGIC Investment (NYSE:MTG – Get Rating) last released its quarterly earnings results on Wednesday, May 4th. The insurance provider reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.11. MGIC Investment had a net margin of 55.82% and a return on equity of 14.61%. The company had revenue of $294.60 million for the quarter, compared to analyst estimates of $292.28 million. During the same period last year, the firm earned $0.42 earnings per share. The firm’s revenue was down 1.1% on a year-over-year basis. On average, equities research analysts expect that MGIC Investment will post 2.27 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 26th. Stockholders of record on Thursday, May 12th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, May 11th. This represents a $0.32 annualized dividend and a dividend yield of 2.45%. MGIC Investment’s payout ratio is 16.33%.
Several institutional investors and hedge funds have recently bought and sold shares of MTG. Norges Bank purchased a new position in shares of MGIC Investment in the fourth quarter worth about $55,742,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of MGIC Investment in the third quarter worth about $51,957,000. National Bank of Canada FI purchased a new position in shares of MGIC Investment in the fourth quarter worth about $49,725,000. William Blair Investment Management LLC increased its stake in shares of MGIC Investment by 47,654.3% in the third quarter. William Blair Investment Management LLC now owns 3,008,519 shares of the insurance provider’s stock worth $45,007,000 after purchasing an additional 3,002,219 shares in the last quarter. Finally, Royal Bank of Canada increased its stake in shares of MGIC Investment by 75.1% in the third quarter. Royal Bank of Canada now owns 4,400,608 shares of the insurance provider’s stock worth $65,832,000 after purchasing an additional 1,886,750 shares in the last quarter. Hedge funds and other institutional investors own 94.10% of the company’s stock.
MGIC Investment Company Profile (Get Rating)
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, 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.
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