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

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

Several other equities analysts have also recently weighed in on the stock. Roth Mkm raised their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. BTIG Research raised their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Barclays raised their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $25.50.

MGIC Investment Price Performance

NYSE MTG opened at $24.47 on Wednesday. The business has a 50 day simple moving average of $25.22 and a 200 day simple moving average of $23.22. MGIC Investment has a 52-week low of $17.25 and a 52-week high of $26.52. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.11 and a current ratio of 1.25. The stock has a market cap of $6.20 billion, a price-to-earnings ratio of 8.62, a PEG ratio of 1.39 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last issued its quarterly 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. The company had revenue of $306.65 million during the quarter, compared to analysts’ expectations of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the business earned $0.64 EPS. Analysts anticipate that MGIC Investment will post 2.81 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Thursday, November 7th. MGIC Investment’s dividend payout ratio is 18.31%.

Institutional Investors Weigh In On MGIC Investment

Several hedge funds have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue lifted its holdings in MGIC Investment by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock valued at $3,858,000 after purchasing an additional 540 shares during the last quarter. Nations Financial Group Inc. IA ADV lifted its holdings in shares of MGIC Investment by 1.6% during the second quarter. Nations Financial Group Inc. IA ADV now owns 35,306 shares of the insurance provider’s stock worth $761,000 after buying an additional 565 shares in the last quarter. Lindenwold Advisors INC lifted its holdings in shares of MGIC Investment by 3.7% during the third quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock worth $425,000 after buying an additional 592 shares in the last quarter. Fortem Financial Group LLC lifted its holdings in shares of MGIC Investment by 1.0% during the second quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider’s stock worth $1,626,000 after buying an additional 747 shares in the last quarter. Finally, Versant Capital Management Inc lifted its holdings in shares of MGIC Investment by 482.7% during the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after buying an additional 946 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.