Brokerages Set MGIC Investment Co. (NYSE:MTG) Target Price at $26.75

MGIC Investment Co. (NYSE:MTG - Get Free Report) has earned an average recommendation of "Hold" from the eight ratings firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $26.75.

Several research firms have recently weighed in on MTG. Compass Point restated a "neutral" rating and issued a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Keefe, Bruyette & Woods lowered their target price on shares of MGIC Investment from $29.00 to $28.00 and set a "market perform" rating on the stock in a research note on Wednesday, January 8th. UBS Group increased their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Bank of America lowered shares of MGIC Investment from a "buy" rating to an "underperform" rating and lowered their price target for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. Finally, Barclays upped their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th.

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MGIC Investment Price Performance

Shares of MTG stock traded down $0.43 during trading hours on Tuesday, hitting $24.41. 1,718,405 shares of the company's stock were exchanged, compared to its average volume of 1,778,964. The firm has a 50 day moving average of $24.34 and a two-hundred day moving average of $24.67. MGIC Investment has a fifty-two week low of $19.26 and a fifty-two week high of $26.56. The firm has a market cap of $5.92 billion, a P/E ratio of 8.42 and a beta of 1.28. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share for the quarter, topping 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%. Sell-side analysts forecast that MGIC Investment will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

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

Insider Transactions at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $24.55, for a total value of $112,930.00. Following the transaction, the chief accounting officer now directly owns 75,070 shares in the company, valued at approximately $1,842,968.50. This represents a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.05% of the company's stock.

Institutional Investors Weigh In On MGIC Investment

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of MGIC Investment during the 4th quarter worth about $85,908,000. First Trust Advisors LP boosted its stake in MGIC Investment by 22.4% during the fourth quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider's stock worth $379,561,000 after buying an additional 2,928,595 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its position in shares of MGIC Investment by 292.0% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,072,629 shares of the insurance provider's stock valued at $49,142,000 after acquiring an additional 1,543,908 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of MGIC Investment by 259.4% in the 4th quarter. BNP Paribas Financial Markets now owns 1,105,399 shares of the insurance provider's stock valued at $26,209,000 after acquiring an additional 797,852 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of MGIC Investment by 16.6% in the 4th quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider's stock worth $113,006,000 after acquiring an additional 677,227 shares during the last quarter. Hedge funds and other 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.