MGIC Investment Co. (NYSE:MTG) Increases Dividend to $0.13 Per Share

MGIC Investment Co. (NYSE:MTG) announced a quarterly dividend on Thursday, July 25th, Wall Street Journal reports. Stockholders of record on Thursday, August 8th will be given a dividend of 0.13 per share by the insurance provider on Thursday, August 22nd. This represents a $0.52 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Thursday, August 8th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.12.

MGIC Investment has a payout ratio of 17.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect MGIC Investment to earn $2.63 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 17.5%.

MGIC Investment Trading Up 1.2 %

Shares of MGIC Investment stock opened at $23.70 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.05. The firm has a fifty day moving average price of $22.15 and a 200 day moving average price of $20.98. MGIC Investment has a 1 year low of $16.30 and a 1 year high of $25.93. The stock has a market cap of $6.32 billion, a PE ratio of 9.12, a price-to-earnings-growth ratio of 3.02 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.15. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The firm had revenue of $305.28 million during the quarter, compared to analysts’ expectations of $301.02 million. During the same quarter last year, the company posted $0.68 earnings per share. The firm’s revenue was up 5.0% compared to the same quarter last year. Equities research analysts predict that MGIC Investment will post 2.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MTG. Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $24.00 to $25.00 in a report on Monday, June 3rd. Barclays raised their target price on shares of MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. BTIG Research lifted their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday. UBS Group lifted their price objective on shares of MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a report on Wednesday, May 22nd. Finally, Roth Mkm lifted their price objective on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, MGIC Investment currently has an average rating of “Hold” and a consensus target price of $24.33.

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.