Brokerages Set MGIC Investment Co. (NYSE:MTG) Price Target at $26.63

MGIC Investment Co. (NYSE:MTG - Get Free Report) has been assigned an average rating of "Hold" from the eight ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $26.63.

Several research firms recently weighed in on MTG. UBS Group lifted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Keefe, Bruyette & Woods dropped their target price on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a report on Tuesday, April 8th. Finally, Compass Point reiterated a "neutral" rating and issued a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd.

MGIC Investment Trading Up 1.1%

Shares of NYSE MTG traded up $0.29 during midday trading on Friday, reaching $26.52. 2,361,771 shares of the stock were exchanged, compared to its average volume of 1,795,608. MGIC Investment has a twelve month low of $20.35 and a twelve month high of $26.92. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. The company has a 50 day simple moving average of $25.25 and a 200 day simple moving average of $24.70. The stock has a market capitalization of $6.30 billion, a P/E ratio of 9.14 and a beta of 0.89.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.09. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The firm had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. During the same quarter last year, the firm earned $0.65 EPS. The firm's revenue for the quarter was up 4.0% on a year-over-year basis. As a group, equities analysts expect that MGIC Investment will post 2.71 earnings per share for the current year.

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

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 annualized dividend and a yield of 1.96%. MGIC Investment's dividend payout ratio is presently 17.28%.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $26.49, for a total value of $529,800.00. Following the completion of the transaction, the executive vice president now owns 157,395 shares of the company's stock, valued at $4,169,393.55. This trade represents a 11.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.41% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MGIC Investment

Several institutional investors have recently modified their holdings of MTG. State of Alaska Department of Revenue lifted its position in shares of MGIC Investment by 19.1% during the 4th quarter. State of Alaska Department of Revenue now owns 179,525 shares of the insurance provider's stock worth $4,255,000 after purchasing an additional 28,775 shares during the last quarter. Vest Financial LLC lifted its position in shares of MGIC Investment by 33.4% during the 4th quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider's stock worth $35,213,000 after purchasing an additional 371,882 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of MGIC Investment during the 4th quarter worth $1,166,000. Savant Capital LLC lifted its position in shares of MGIC Investment by 11.8% during the 4th quarter. Savant Capital LLC now owns 8,857 shares of the insurance provider's stock worth $210,000 after purchasing an additional 933 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of MGIC Investment by 30.1% during the 4th quarter. Van ECK Associates Corp now owns 210,017 shares of the insurance provider's stock worth $4,980,000 after purchasing an additional 48,641 shares during the last quarter. 95.58% of the stock is 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 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.