MGIC Investment Co. (NYSE:MTG – Get Rating) has earned an average recommendation of “Buy” from the eight ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $18.07.
MTG has been the topic of several research analyst reports. StockNews.com upgraded shares of MGIC Investment from a “hold” rating to a “buy” rating in a research note on Friday. BTIG Research dropped their price target on shares of MGIC Investment from $18.00 to $17.00 in a research note on Tuesday, April 12th.
Hedge funds have recently made changes to their positions in the stock. Duality Advisers LP acquired a new stake in shares of MGIC Investment in the 4th quarter valued at $2,207,000. New York State Teachers Retirement System boosted its stake in shares of MGIC Investment by 11.9% in the 4th quarter. New York State Teachers Retirement System now owns 342,553 shares of the insurance provider’s stock valued at $4,940,000 after purchasing an additional 36,488 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of MGIC Investment by 98.6% in the 4th quarter. Russell Investments Group Ltd. now owns 352,335 shares of the insurance provider’s stock valued at $5,080,000 after purchasing an additional 174,919 shares in the last quarter. Gator Capital Management LLC acquired a new stake in shares of MGIC Investment in the 4th quarter valued at $2,021,000. Finally, AlphaCrest Capital Management LLC boosted its stake in shares of MGIC Investment by 288.8% in the 4th quarter. AlphaCrest Capital Management LLC now owns 121,490 shares of the insurance provider’s stock valued at $1,752,000 after purchasing an additional 90,243 shares in the last quarter. 94.10% of the stock is currently owned by institutional investors and hedge funds.
MGIC Investment (NYSE:MTG – Get Rating) last released its quarterly earnings data on Wednesday, May 4th. The insurance provider reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.11. MGIC Investment had a net margin of 55.82% and a return on equity of 14.61%. The business had revenue of $294.60 million during the quarter, compared to analysts’ expectations of $292.28 million. During the same period in the previous year, the company earned $0.42 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, equities research analysts anticipate that MGIC Investment will post 2.27 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 26th. Investors of record on Thursday, May 12th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.45%. The ex-dividend date is Wednesday, May 11th. MGIC Investment’s payout ratio is presently 16.33%.
MGIC Investment Company Profile (Get Rating)
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.
- Get a free copy of the StockNews.com research report on MGIC Investment (MTG)
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