MGIC Investment (NYSE:MTG) Price Target Lowered to $27.00 at Royal Bank of Canada

MGIC Investment (NYSE:MTG) had its target price trimmed by Royal Bank of Canada from $28.00 to $27.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a sector perform rating on the insurance provider’s stock.

A number of other brokerages have also issued reports on MTG. Barclays increased their target price on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. BTIG Research raised their price objective on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, Roth Mkm raised their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.50.

MGIC Investment Stock Performance

MTG traded down $0.54 during midday trading on Wednesday, hitting $24.28. 498,496 shares of the company traded hands, compared to its average volume of 1,768,953. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $6.29 billion, a PE ratio of 8.74, a price-to-earnings-growth ratio of 1.25 and a beta of 1.28. The company’s 50-day moving average is $25.25 and its 200 day moving average is $23.17. MGIC Investment has a 52 week low of $17.25 and a 52 week high of $26.52.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.11. MGIC Investment had a return on equity of 15.14% and a net margin of 64.09%. The firm had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. During the same period in the previous year, the company posted $0.64 earnings per share. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. On average, research analysts expect that MGIC Investment will post 2.76 EPS for the current year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be paid a $0.13 dividend. The ex-dividend date is Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 2.14%. MGIC Investment’s payout ratio is currently 18.31%.

Institutional Investors Weigh In On MGIC Investment

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue grew its stake in shares of MGIC Investment by 0.4% in the third quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock valued at $3,858,000 after buying an additional 540 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its stake in shares of MGIC Investment by 1.6% in the second quarter. Nations Financial Group Inc. IA ADV now owns 35,306 shares of the insurance provider’s stock valued at $761,000 after buying an additional 565 shares in the last quarter. Fortem Financial Group LLC grew its stake in shares of MGIC Investment by 1.0% in the second quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider’s stock valued at $1,626,000 after buying an additional 747 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of MGIC Investment by 482.7% in the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after buying an additional 946 shares in the last quarter. Finally, Financial Strategies Group Inc. grew its stake in shares of 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 buying an additional 966 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

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.