MGIC Investment Co. (NYSE:MTG – Get Rating ) has received a consensus rating of “Moderate Buy” from the seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and four have issued a “buy” rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $17.92.
Several equities analysts have rated MTG shares. Royal Bank of Canada upgraded MGIC Investment from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $15.00 to $16.00 in a report on Thursday, June 23rd. StockNews.com upgraded MGIC Investment from a “hold” rating to a “buy” rating in a research report on Friday, August 5th.
Performance of MGIC investment shares
NYSE:MTG opened at $15.12 on Monday. The company has a current ratio of 0.62, a quick ratio of 0.62, and a debt-to-equity ratio of 0.20. MGIC Investment has a 12-month low of $11.38. US and a 12-month high of $16.84. The stock has a 50-day moving average of $13.30 and a 200-day moving average of $13.79. The stock has a market cap of $4.59 billion, a P/E ratio of 6.52, a P/E/G ratio of 1.24 and a beta of 1.47.
MGIC Investment increases dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th will be paid a dividend of $0.10 per share. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.08. This translates to a dividend of $0.40 per year and a yield of 2.65%. The ex-dividend date is Wednesday, August 10. MGIC Investment’s payout ratio is 17.24%.
Institutional investors value MGIC’s investment
Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in MGIC Investment by 3.7% in the first quarter. Vanguard Group Inc. now owns 33,025,974 shares of the insurance company’s stock valued at $447,501,000 after acquiring an additional 1,166,300 shares during the period. BlackRock Inc. raised its stake in shares of MGIC Investment by 0.5% in the first quarter. Now BlackRock Inc. now owns 27,872,353 shares of the insurance provider’s stock valued at $377,670,000 after acquiring an additional 127,008 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of MGIC Investment by 38.4% in the first quarter. Goldman Sachs Group Inc. now owns 10,458,631 shares of the insurance provider’s stock valued at $141,715,000 after acquiring an additional 2,904,381 shares in the last quarter. JPMorgan Chase & Co. raised its stake in MGIC Investment by 8.6% in the second quarter. JPMorgan Chase & Co. now owns 10,430,237 shares of the insurance company’s stock valued at $131,421,000 after purchasing an additional 821,754 shares during the last quarter. Finally, Bank of Nova Scotia raised its stake in MGIC Investment by 18.6% in the first quarter. Bank of Nova Scotia now owns 9,803,863 shares of the insurance provider’s stock valued at $132,842,000 after buying an additional 1,534,540 shares during the last quarter. 94.10% of the shares are currently owned by hedge funds and other institutional investors.
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 publicly funded entities in the United States, Puerto Rico and Guam. The company offers primary mortgage insurance, which protects the mortgage obligations of individual loans and also covers the unpaid principal amount of the loan, past due interest and various costs associated with default and subsequent foreclosure.
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