MGIC Investment Co. Plans Quarterly Dividend of $0.10 (NYSE:MTG)

MGIC Investment Co. (NYSE:MTGGet Rating) announced a quarterly dividend on Wednesday, January 25th, Wall Street Journal reports. Shareholders of record on Friday, February 17th will be given a dividend of 0.10 per share by the insurance provider on Thursday, March 2nd. This represents a $0.40 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Thursday, February 16th.

MGIC Investment has raised its dividend payment by an average of 44.2% per year over the last three years and has raised its dividend annually for the last 2 consecutive years. MGIC Investment has a payout ratio of 18.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect MGIC Investment to earn $2.28 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 17.5%.

MGIC Investment Price Performance

Shares of NYSE:MTG traded up $0.10 on Wednesday, hitting $13.85. The company’s stock had a trading volume of 2,297,402 shares, compared to its average volume of 3,045,681. The company has a 50-day simple moving average of $13.18 and a 200 day simple moving average of $13.56. MGIC Investment has a 1 year low of $11.38 and a 1 year high of $16.41. The company has a market capitalization of $4.11 billion, a PE ratio of 5.15, a PEG ratio of 1.21 and a beta of 1.36. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.50 and a quick ratio of 0.50.

MGIC Investment (NYSE:MTGGet Rating) last released its quarterly earnings results on Wednesday, November 2nd. The insurance provider reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.31. MGIC Investment had a return on equity of 19.66% and a net margin of 72.18%. The firm had revenue of $296.06 million for the quarter, compared to analysts’ expectations of $322.19 million. Sell-side analysts forecast that MGIC Investment will post 2.86 EPS for the current fiscal year.

Hedge Funds Weigh In On MGIC Investment

Large investors have recently bought and sold shares of the stock. Marshall Wace LLP purchased a new position in MGIC Investment in the 3rd quarter worth approximately $277,000. HighTower Advisors LLC purchased a new position in MGIC Investment in the 1st quarter worth approximately $230,000. Centiva Capital LP purchased a new position in MGIC Investment in the 2nd quarter worth approximately $228,000. Captrust Financial Advisors increased its stake in MGIC Investment by 6.6% in the 3rd quarter. Captrust Financial Advisors now owns 17,046 shares of the insurance provider’s stock worth $219,000 after purchasing an additional 1,060 shares during the period. Finally, Point72 Hong Kong Ltd increased its stake in MGIC Investment by 199.1% in the 1st quarter. Point72 Hong Kong Ltd now owns 14,730 shares of the insurance provider’s stock worth $200,000 after purchasing an additional 9,805 shares during the period. 96.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on MTG. StockNews.com began coverage on MGIC Investment in a report on Wednesday, October 12th. They issued a “buy” rating on the stock. Compass Point cut MGIC Investment from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $19.00 to $14.50 in a report on Tuesday, November 8th. Credit Suisse Group decreased their price objective on MGIC Investment to $15.00 in a report on Thursday, October 13th. Finally, Barclays cut MGIC Investment from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $16.00 to $14.00 in a report on Friday, January 6th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $15.75.

MGIC Investment Company Profile

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MGIC Investment Corp. is a private mortgage insurer that serves lenders throughout the United States, and Puerto Rico. It also provides lenders with underwriting and other services and products related to home mortgage lending through its subsidiaries, such as Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp.

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Dividend History for MGIC Investment (NYSE:MTG)

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