MGIC Investment Co. (NYSE:MTG) Receives Average “Moderate Buy” Rating From Brokerages
MGIC Investment Co. (NYSE: MTG – Get a rating) earned a consensus rating of “moderate buy” from the seven ratings firms that currently cover the stock, reports MarketBeat Ratings. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price target among analysts who updated their coverage of the stock in the past year is $17.92.
Several stock analysts have weighed in on MTG shares. Royal Bank of Canada upgraded MGIC Investment from an ‘sector performance’ rating to an ‘outperform’ rating and raised its price target for the company from $15.00 to $16.00 in a report Thursday, June 23. StockNews.com upgraded MGIC Investment from a “hold” rating to a “buy” rating in a Friday, August 5 research report.
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 ratio of 0.20. MGIC Investment has a 12-month low of $11.38 and a 12-month high of $16.84. The stock has a 50-day moving average price of $13.30 and a 200-day moving average price of $13.79. The stock has a market capitalization 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 its dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 25. Shareholders of record on Thursday August 11 will receive a dividend of $0.10 per share. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.08. This represents an annualized dividend of $0.40 and a yield of 2.65%. The ex-dividend date is Wednesday, August 10. The distribution rate of MGIC Investment is 17.24%.
Institutional investors weigh on MGIC investment
Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in MGIC Investment by 3.7% in the first quarter. Vanguard Group Inc. now owns 33,025,974 shares of the insurance provider worth $447,501,000 after acquiring an additional 1,166,300 shares during the period. BlackRock Inc. increased its stake in MGIC Investment shares by 0.5% in the first quarter. BlackRock Inc. now owns 27,872,353 shares of the insurance provider valued at $377,670,000 after acquiring an additional 127,008 shares last quarter. Goldman Sachs Group Inc. increased its stake in MGIC Investment shares by 38.4% in the first quarter. Goldman Sachs Group Inc. now owns 10,458,631 shares of the insurance provider valued at $141,715,000 after acquiring an additional 2,904,381 shares in the last quarter. JPMorgan Chase & Co. increased its stake in MGIC Investment by 8.6% in the second quarter. JPMorgan Chase & Co. now owns 10,430,237 shares of the insurance provider valued at $131,421,000 after buying an additional 821,754 shares in the last quarter. Finally, the Bank of Nova Scotia increased its stake in MGIC Investment by 18.6% in the first quarter. The Bank of Nova Scotia now owns 9,803,863 shares of the insurance provider valued at $132,842,000 after buying an additional 1,534,540 shares in the last quarter. 94.10% of the shares are currently held 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 government-sponsored entities in the United States, Puerto Rico and in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest and various expenses associated with default and subsequent foreclosure.
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