MGIC Investment (NYSE:MTG) Price Target Raised to $28.00

MGIC Investment (NYSE:MTG) had its price target lifted by Keefe, Bruyette & Woods from $27.00 to $28.00 in a report published on Thursday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the insurance provider’s stock.

A number of other brokerages also recently issued reports on MTG. Barclays lifted their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research note on Monday, October 6th. Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $27.50.

MGIC Investment Stock Down 0.9%

MGIC Investment stock opened at $29.59 on Thursday. The firm has a market capitalization of $6.62 billion, a P/E ratio of 9.51, a P/E/G ratio of 1.65 and a beta of 0.85. The stock’s fifty day simple moving average is $28.00 and its 200-day simple moving average is $27.48. MGIC Investment has a twelve month low of $21.94 and a twelve month high of $29.97. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.11. The company had revenue of $304.51 million for the quarter, compared to the consensus estimate of $308.16 million. MGIC Investment had a return on equity of 14.62% and a net margin of 61.96%.MGIC Investment’s revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.77 EPS. As a group, equities analysts expect that MGIC Investment will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, November 6th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.0%. The ex-dividend date was Thursday, November 6th. MGIC Investment’s dividend payout ratio (DPR) is currently 19.29%.

Insider Buying and Selling at MGIC Investment

In other news, CEO Timothy J. Mattke sold 139,203 shares of the business’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the completion of the sale, the chief executive officer directly owned 961,791 shares of the company’s stock, valued at approximately $26,054,918.19. The trade was a 12.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total value of $844,500.00. Following the completion of the sale, the chief operating officer directly owned 189,401 shares of the company’s stock, valued at approximately $5,331,638.15. This trade represents a 13.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 219,203 shares of company stock worth $5,989,909 over the last 90 days. Corporate insiders own 1.05% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. AIA Group Ltd raised its position in MGIC Investment by 58.4% in the 3rd quarter. AIA Group Ltd now owns 11,404 shares of the insurance provider’s stock valued at $324,000 after purchasing an additional 4,204 shares during the last quarter. Mirabella Financial Services LLP acquired a new position in MGIC Investment in the third quarter valued at $235,000. Tudor Investment Corp ET AL raised its holdings in shares of MGIC Investment by 106.1% in the third quarter. Tudor Investment Corp ET AL now owns 687,445 shares of the insurance provider’s stock valued at $19,503,000 after buying an additional 353,935 shares during the last quarter. Allworth Financial LP raised its holdings in shares of MGIC Investment by 102.3% in the third quarter. Allworth Financial LP now owns 4,623 shares of the insurance provider’s stock valued at $131,000 after buying an additional 2,338 shares during the last quarter. Finally, IFP Advisors Inc boosted its stake in shares of MGIC Investment by 148.3% during the third quarter. IFP Advisors Inc now owns 6,981 shares of the insurance provider’s stock worth $198,000 after buying an additional 4,169 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.