MGIC Investment’s (MTG) Market Perform Rating Reaffirmed at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their market perform rating on shares of MGIC Investment (NYSE:MTG) in a research note published on Tuesday morning, Marketbeat reports. Keefe, Bruyette & Woods currently has a $29.00 price objective on the insurance provider’s stock.

A number of other research firms have also recently issued reports on MTG. Barclays lifted their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and dropped their price target for the company from $26.00 to $25.00 in a research note on Monday. Finally, Royal Bank of Canada decreased their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $26.00.

MGIC Investment Price Performance

Shares of NYSE MTG opened at $24.57 on Tuesday. The firm’s 50 day simple moving average is $25.28 and its 200-day simple moving average is $23.93. MGIC Investment has a 12 month low of $18.04 and a 12 month high of $26.56. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 8.65, a PEG ratio of 1.82 and a beta of 1.27. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The firm had revenue of $306.65 million for the quarter, compared to analysts’ expectations of $306.03 million. During the same quarter last year, the company earned $0.64 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts expect that MGIC Investment will post 2.85 EPS for the current year.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.52 annualized dividend and a dividend yield of 2.12%. MGIC Investment’s dividend payout ratio is presently 18.31%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. DGS Capital Management LLC raised its holdings in shares of MGIC Investment by 6.2% during the 3rd quarter. DGS Capital Management LLC now owns 85,797 shares of the insurance provider’s stock worth $2,196,000 after acquiring an additional 4,974 shares during the period. Franklin Resources Inc. raised its holdings in shares of MGIC Investment by 6.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after acquiring an additional 98,369 shares during the period. World Investment Advisors LLC purchased a new position in shares of MGIC Investment during the 3rd quarter worth $619,000. Sanctuary Advisors LLC raised its holdings in shares of MGIC Investment by 395.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 150,637 shares of the insurance provider’s stock worth $3,841,000 after acquiring an additional 120,257 shares during the period. Finally, Vestcor Inc raised its holdings in shares of MGIC Investment by 559.3% during the 3rd quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock worth $1,538,000 after acquiring an additional 50,979 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

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.