Brokerages Set MGIC Investment Co. (NYSE:MTG) Target Price at $26.50

Shares of MGIC Investment Co. (NYSE:MTG - Get Free Report) have been given an average recommendation of "Hold" by the eight research firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $26.50.

MTG has been the subject of several research analyst reports. Compass Point reaffirmed a "neutral" rating and issued a $27.00 price objective (up previously from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Barclays increased their price target on MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Keefe, Bruyette & Woods dropped their target price on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a report on Tuesday, April 8th. Finally, UBS Group lifted their price target on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th.

MGIC Investment Stock Performance

MTG traded up $0.21 during trading on Friday, reaching $24.36. 577,060 shares of the company were exchanged, compared to its average volume of 1,800,479. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market cap of $5.91 billion, a P/E ratio of 8.38 and a beta of 0.93. MGIC Investment has a 52 week low of $19.98 and a 52 week high of $26.56. The firm has a 50 day moving average of $23.87 and a 200 day moving average of $24.48.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. On average, sell-side analysts forecast that MGIC Investment will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date was Tuesday, February 18th. MGIC Investment's dividend payout ratio is presently 17.93%.

Insiders Place Their Bets

In other news, CAO Julie K. Sperber sold 4,600 shares of the firm's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the transaction, the chief accounting officer now directly owns 75,070 shares of the company's stock, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.05% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Trust Advisors LP lifted its holdings in MGIC Investment by 22.4% during the 4th quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider's stock valued at $379,561,000 after purchasing an additional 2,928,595 shares during the last quarter. LSV Asset Management boosted its holdings in shares of MGIC Investment by 2.3% in the 4th quarter. LSV Asset Management now owns 10,578,342 shares of the insurance provider's stock worth $250,812,000 after acquiring an additional 235,916 shares in the last quarter. Allianz Asset Management GmbH grew its position in MGIC Investment by 8.2% during the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider's stock worth $130,289,000 after acquiring an additional 415,586 shares during the last quarter. Invesco Ltd. increased its holdings in MGIC Investment by 16.6% during the 4th quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider's stock valued at $113,006,000 after purchasing an additional 677,227 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of MGIC Investment by 6.5% during the fourth quarter. Northern Trust Corp now owns 4,524,277 shares of the insurance provider's stock worth $107,271,000 after acquiring an additional 277,746 shares during the last quarter. 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.