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, 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. It also provides contract underwriting services, as well as reinsurance. The company serves originators of residential mortgage loans, including savings institutions, commercial banks, mortgage brokers, credit unions, mortgage bankers, and other lenders. MGIC Investment Corporation was founded in 1957 and is headquartered in Milwaukee, Wisconsin.
MGIC Investment Stock Up 1.7 %
MTG Stock traded up $0.25 during midday trading on Friday, reaching $15.12. 1,265,424 shares of the company's stock traded hands, compared to its average volume of 2,559,557. The company has a market cap of $4.59 billion, a price-to-earnings ratio of 6.52, a P/E/G ratio of 1.22 and a beta of 1.47. The firm's fifty day moving average price is $13.27 and its 200-day moving average price is $13.81. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.20. MGIC Investment has a 52 week low of $11.38 and a 52 week high of $16.84.
MGIC Investment Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Wednesday, August 10th. This is a positive change from MGIC Investment's previous quarterly dividend of $0.08. MGIC Investment's payout ratio is 17.24%.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on the stock. StockNews.com upgraded shares of MGIC Investment from a "hold" rating to a "buy" rating in a research note on Friday, August 5th. Royal Bank of Canada upgraded shares of MGIC Investment from a "sector perform" rating to an "outperform" rating and lifted their price objective for the company from $15.00 to $16.00 in a research note on Thursday, June 23rd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $17.92.