MGIC Investment Corporation (NYSE:MTG) Given Average Rating of “Hold” by Analysts

MGIC Investment Corporation (NYSE:MTG) has been assigned an average rating of “Hold” from the six analysts that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $26.80.

Several equities analysts recently commented on the stock. Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. Barclays raised their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research note on Monday, October 6th.

Insider Activity

In other news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $27.52, for a total value of $825,600.00. Following the transaction, the chief operating officer owned 159,401 shares in the company, valued at approximately $4,386,715.52. This trade represents a 15.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction on Friday, October 31st. The stock was sold at an average price of $27.44, for a total transaction of $548,800.00. Following the completion of the transaction, the executive vice president directly owned 117,395 shares in the company, valued at approximately $3,221,318.80. The trade was a 14.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 219,203 shares of company stock valued at $5,989,909. 1.05% of the stock is currently owned by company insiders.

Institutional Trading of MGIC Investment

A number of institutional investors have recently modified their holdings of the company. WPG Advisers LLC purchased a new position in MGIC Investment during the 1st quarter valued at about $26,000. True Wealth Design LLC grew its position in shares of MGIC Investment by 262.5% in the 2nd quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock worth $28,000 after buying an additional 727 shares during the last quarter. Alpine Bank Wealth Management purchased a new position in shares of MGIC Investment during the third quarter valued at approximately $28,000. Newbridge Financial Services Group Inc. bought a new position in shares of MGIC Investment during the third quarter valued at approximately $28,000. Finally, Hantz Financial Services Inc. raised its holdings in shares of MGIC Investment by 3,067.6% during the second quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 1,043 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Stock Performance

Shares of NYSE MTG opened at $28.35 on Friday. The stock’s 50-day moving average is $27.72 and its 200 day moving average is $27.24. The stock has a market cap of $6.34 billion, a price-to-earnings ratio of 9.12, a P/E/G ratio of 1.91 and a beta of 0.92. MGIC Investment has a 1-year low of $21.94 and a 1-year high of $29.01. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.11. The business had revenue of $304.51 million during the quarter, compared to analyst estimates of $308.16 million. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.MGIC Investment’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 earnings per share. On average, sell-side analysts anticipate that MGIC Investment will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Thursday, November 6th. MGIC Investment’s payout ratio is 19.29%.

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.