MGIC Investment (NYSE:MTG) Stock Rating Lowered by Bank of America

Bank of America lowered shares of MGIC Investment (NYSE:MTG - Free Report) from a buy rating to an underperform rating in a research report sent to investors on Monday morning, MarketBeat reports. They currently have $25.00 price target on the insurance provider's stock, down from their prior price target of $26.00.

A number of other research analysts have also recently commented on the stock. Royal Bank of Canada dropped their target price on shares of MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a report on Wednesday, November 6th. Barclays raised their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $25.43.

MGIC Investment Price Performance

NYSE:MTG traded down $0.89 during mid-day trading on Monday, reaching $24.63. The stock had a trading volume of 2,063,418 shares, compared to its average volume of 1,735,609. MGIC Investment has a 12 month low of $18.04 and a 12 month high of $26.56. The stock has a market capitalization of $6.24 billion, a PE ratio of 8.99, a P/E/G ratio of 1.82 and a beta of 1.27. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a 50-day simple moving average of $25.30 and a two-hundred day simple moving average of $23.90.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.11. The company had revenue of $306.65 million for the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The company's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.64 EPS. On average, equities analysts anticipate that MGIC Investment will post 2.85 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.11%. The ex-dividend date was Thursday, November 7th. MGIC Investment's payout ratio is currently 18.31%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Hara Capital LLC bought a new position in shares of MGIC Investment during the third quarter worth about $25,000. V Square Quantitative Management LLC bought a new stake in MGIC Investment during the third quarter valued at $33,000. Brooklyn Investment Group bought a new position in shares of MGIC Investment in the 3rd quarter worth about $69,000. Covestor Ltd boosted its position in shares of MGIC Investment by 65.5% during the 3rd quarter. Covestor Ltd now owns 3,387 shares of the insurance provider's stock valued at $87,000 after purchasing an additional 1,341 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in MGIC Investment by 233.4% in the second quarter. Blue Trust Inc. now owns 4,985 shares of the insurance provider's stock valued at $111,000 after buying an additional 3,490 shares during the period. 95.58% of the stock is owned by 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.