MGIC Investment (NYSE:MTG) Downgraded by Zacks Research to “Hold”

Zacks Research downgraded shares of MGIC Investment (NYSE:MTG) from a strong-buy rating to a hold rating in a research note published on Monday morning,Zacks reports.

MTG has been the subject of several other research reports. Roth Capital reiterated a “buy” rating and set a $35.00 price target on shares of MGIC Investment in a research report on Thursday, July 30th. Royal Bank Of Canada increased their price objective on shares of MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Keefe, Bruyette & Woods increased their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, July 31st. Weiss Ratings raised shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. Finally, Barclays lifted their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the stock an “equal weight” rating in a report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $30.80.

MGIC Investment Price Performance

MGIC Investment stock opened at $28.14 on Monday. The business’s 50-day simple moving average is $29.45 and its 200 day simple moving average is $28.21. The stock has a market cap of $5.77 billion, a price-to-earnings ratio of 8.80, a P/E/G ratio of 0.70 and a beta of 0.67. MGIC Investment has a 12-month low of $24.69 and a 12-month high of $31.89. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.11. The firm had revenue of $295.39 million during the quarter, compared to analyst estimates of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%. The company’s revenue was down 2.9% on a year-over-year basis. During the same period last year, the company earned $0.82 earnings per share. As a group, research analysts anticipate that MGIC Investment will post 3.24 earnings per share for the current year.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Wednesday, August 5th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s dividend payout ratio is presently 21.25%.

Insider Transactions at MGIC Investment

In other news, CEO Timothy Mattke sold 137,114 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $26.23, for a total value of $3,596,500.22. Following the completion of the sale, the chief executive officer directly owned 843,778 shares of the company’s stock, valued at $22,132,296.94. This represents a 13.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula Maggio sold 20,000 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $30.30, for a total transaction of $606,000.00. Following the completion of the sale, the executive vice president owned 149,620 shares in the company, valued at $4,533,486. This represents a 11.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 217,114 shares of company stock worth $5,906,200. 1.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MGIC Investment

Several hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC grew its stake in MGIC Investment by 84.9% in the third quarter. Nisa Investment Advisors LLC now owns 9,263 shares of the insurance provider’s stock valued at $239,000 after purchasing an additional 4,252 shares in the last quarter. CWA Asset Management Group LLC increased its position in shares of MGIC Investment by 9.4% during the 3rd quarter. CWA Asset Management Group LLC now owns 95,103 shares of the insurance provider’s stock worth $2,457,000 after purchasing an additional 8,158 shares during the last quarter. IFP Advisors Inc increased its position in shares of MGIC Investment by 61.6% during the 3rd quarter. IFP Advisors Inc now owns 3,438 shares of the insurance provider’s stock worth $89,000 after purchasing an additional 1,310 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new stake in shares of MGIC Investment during the 3rd quarter worth approximately $235,000. Finally, V Square Quantitative Management LLC raised its stake in shares of MGIC Investment by 91.2% during the 3rd quarter. V Square Quantitative Management LLC now owns 1,363 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 650 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE:MTG) is a holding company whose principal subsidiary is Mortgage Guaranty Insurance Corporation (MGIC), a provider of private mortgage insurance in the United States. MGIC’s insurance helps protect mortgage lenders and investors against losses when borrowers default, enabling qualified homebuyers to obtain mortgages with smaller down payments.

MGIC primarily offers primary mortgage insurance for residential loans, working with mortgage lenders, banks and other housing-finance institutions.