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

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

A number of other research analysts also recently commented on MTG. Barclays increased 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 reduced their price objective 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 lowered their target price for the company from $26.00 to $25.00 in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $25.86.

MGIC Investment Stock Up 0.8 %

Shares of NYSE:MTG opened at $23.62 on Wednesday. The firm 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. The company has a fifty day simple moving average of $24.58 and a 200 day simple moving average of $24.38. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. MGIC Investment has a 12-month low of $18.68 and a 12-month high of $26.56.

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

MGIC Investment Announces Dividend

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

Institutional Investors Weigh In On MGIC Investment

Several large investors have recently made changes to their positions in MTG. Diversified Trust Co raised its stake in shares of MGIC Investment by 22.3% during the fourth quarter. Diversified Trust Co now owns 31,720 shares of the insurance provider’s stock valued at $752,000 after purchasing an additional 5,779 shares in the last quarter. Fortem Financial Group LLC increased its stake in MGIC Investment by 3.2% during the 4th quarter. Fortem Financial Group LLC now owns 66,203 shares of the insurance provider’s stock valued at $1,570,000 after buying an additional 2,054 shares during the period. CWA Asset Management Group LLC raised its position in shares of MGIC Investment by 25.0% during the 4th quarter. CWA Asset Management Group LLC now owns 35,304 shares of the insurance provider’s stock worth $837,000 after buying an additional 7,068 shares in the last quarter. Nordea Investment Management AB lifted its stake in shares of MGIC Investment by 4.5% in the 4th quarter. Nordea Investment Management AB now owns 424,767 shares of the insurance provider’s stock worth $10,114,000 after acquiring an additional 18,399 shares during the period. Finally, DGS Capital Management LLC boosted its holdings in shares of MGIC Investment by 6.2% in the third quarter. DGS Capital Management LLC now owns 85,797 shares of the insurance provider’s stock valued at $2,196,000 after acquiring an additional 4,974 shares in the last quarter. Institutional investors and hedge funds 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.