Keefe, Bruyette & Woods Increases MGIC Investment (NYSE:MTG) Price Target to $27.00

MGIC Investment (NYSE:MTG - Free Report) had its price objective upped by Keefe, Bruyette & Woods from $26.00 to $27.00 in a report issued on Monday morning,Benzinga reports. They currently have a market perform rating on the insurance provider's stock.

Separately, Compass Point reaffirmed a "neutral" rating and issued a $28.00 price target (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $26.88.

MGIC Investment Stock Performance

Shares of NYSE MTG traded down $0.02 during midday trading on Monday, reaching $27.40. The company's stock had a trading volume of 808,575 shares, compared to its average volume of 2,137,340. MGIC Investment has a 12-month low of $21.20 and a 12-month high of $28.67. The firm has a 50 day moving average price of $26.66 and a 200-day moving average price of $25.00. The stock has a market capitalization of $6.51 billion, a P/E ratio of 9.10, a PEG ratio of 2.61 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.25 and a quick ratio of 1.25.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. The company had revenue of $306.23 million for the quarter, compared to analysts' expectations of $306.66 million. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. MGIC Investment's revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.65 EPS. As a group, equities analysts predict that MGIC Investment will post 2.71 earnings per share for the current year.

MGIC Investment announced that its Board of Directors has initiated a share repurchase plan on Thursday, April 24th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 12.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

MGIC Investment Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a yield of 1.90%. MGIC Investment's payout ratio is 17.28%.

Insider Transactions at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the sale, the executive vice president owned 157,395 shares of the company's stock, valued at $4,169,393.55. The trade was a 11.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.05% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC increased its holdings in shares of MGIC Investment by 35.0% in the second quarter. Parallel Advisors LLC now owns 10,515 shares of the insurance provider's stock worth $293,000 after purchasing an additional 2,724 shares during the period. Kera Capital Partners Inc. bought a new position in shares of MGIC Investment in the second quarter worth $337,000. Militia Capital Partners LP bought a new position in shares of MGIC Investment in the first quarter worth $743,000. Strs Ohio bought a new position in shares of MGIC Investment in the first quarter worth $2,988,000. Finally, Geneos Wealth Management Inc. increased its holdings in shares of MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider's stock worth $43,000 after purchasing an additional 817 shares during the period. Institutional investors own 95.58% of the company's stock.

About MGIC Investment

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.