Shares of MGIC Investment Corp. (NYSE:MTG) have earned an average rating of “Buy” from the ten ratings firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $11.59.
A number of equities research analysts recently issued reports on the stock. Compass Point decreased their price target on shares of MGIC Investment from $14.00 to $13.75 and set a “buy” rating on the stock in a research note on Tuesday, May 26th. Zacks Investment Research raised shares of MGIC Investment from a “sell” rating to a “hold” rating and set a $8.00 price target on the stock in a research note on Thursday, July 16th. ValuEngine downgraded shares of MGIC Investment from a “sell” rating to a “strong sell” rating in a research note on Monday, August 3rd. B. Riley reissued a “buy” rating and issued a $13.00 target price on shares of MGIC Investment in a research note on Thursday, June 18th. Finally, Keefe, Bruyette & Woods downgraded shares of MGIC Investment from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $13.00 to $12.00 in a research note on Tuesday, June 9th.
MTG stock traded down $0.03 during trading on Thursday, reaching $8.85. The stock had a trading volume of 240,780 shares, compared to its average volume of 5,419,288. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.19. The stock’s 50 day moving average is $8.99 and its two-hundred day moving average is $8.10. MGIC Investment has a 52 week low of $4.34 and a 52 week high of $15.24. The firm has a market cap of $3.01 billion, a PE ratio of 6.18, a PEG ratio of 1.72 and a beta of 1.88.
The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 11th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend was Monday, August 10th. MGIC Investment’s dividend payout ratio is presently 13.04%.
In other MGIC Investment news, Director Michael E. Lehman bought 8,000 shares of the company’s stock in a transaction on Friday, August 14th. The shares were bought at an average cost of $8.49 per share, for a total transaction of $67,920.00. 0.62% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. FMR LLC increased its stake in MGIC Investment by 26.8% during the second quarter. FMR LLC now owns 28,702,483 shares of the insurance provider’s stock worth $235,074,000 after acquiring an additional 6,062,344 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in MGIC Investment by 91.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 21,664,061 shares of the insurance provider’s stock worth $177,429,000 after acquiring an additional 10,320,116 shares during the period. Clearbridge Investments LLC grew its stake in shares of MGIC Investment by 1.0% during the 1st quarter. Clearbridge Investments LLC now owns 5,286,602 shares of the insurance provider’s stock worth $33,570,000 after purchasing an additional 51,299 shares during the period. Bank of Nova Scotia grew its stake in shares of MGIC Investment by 1,962.1% during the 2nd quarter. Bank of Nova Scotia now owns 5,059,335 shares of the insurance provider’s stock worth $41,436,000 after purchasing an additional 4,813,981 shares during the period. Finally, Bayview Asset Management LLC grew its stake in shares of MGIC Investment by 16.6% during the 1st quarter. Bayview Asset Management LLC now owns 4,517,811 shares of the insurance provider’s stock worth $28,694,000 after purchasing an additional 644,044 shares during the period. 91.85% of the stock is currently owned by hedge funds and other institutional investors.
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 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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