MGIC Investment (NYSE:MTG) Price Target Cut to $28.00 by Analysts at Keefe, Bruyette & Woods

MGIC Investment (NYSE:MTG) had its price objective decreased by Keefe, Bruyette & Woods from $29.00 to $28.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the insurance provider’s stock.

A number of other equities analysts have also recently issued reports on the company. Barclays lifted their target price on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Royal Bank of Canada dropped their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Finally, Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $26.00 to $25.00 in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $25.86.

MGIC Investment Price Performance

Shares of MGIC Investment stock opened at $23.62 on Wednesday. MGIC Investment has a 52 week low of $18.68 and a 52 week high of $26.56. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The company’s 50-day moving average price is $24.58 and its two-hundred day moving average price is $24.38. The stock has a market cap of $5.98 billion, a PE ratio of 8.32, a price-to-earnings-growth ratio of 1.75 and a beta of 1.29.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.66 by $0.11. The business had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.64 earnings per share. As a group, sell-side analysts anticipate that MGIC Investment will post 2.85 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 2.20%. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue grew its holdings in shares of MGIC Investment by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock valued at $3,858,000 after acquiring an additional 540 shares in the last quarter. Lindenwold Advisors INC boosted its position in MGIC Investment by 3.7% during the third quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock valued at $425,000 after purchasing an additional 592 shares during the last quarter. Financial Strategies Group Inc. grew its stake in MGIC Investment by 9.2% in the third quarter. Financial Strategies Group Inc. now owns 11,440 shares of the insurance provider’s stock valued at $295,000 after purchasing an additional 966 shares in the last quarter. Hara Capital LLC acquired a new position in MGIC Investment in the 3rd quarter worth about $25,000. Finally, KBC Group NV raised its stake in shares of MGIC Investment by 16.4% during the 3rd quarter. KBC Group NV now owns 7,386 shares of the insurance provider’s stock worth $189,000 after purchasing an additional 1,043 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

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.