MGIC Investment (NYSE:MTG) Reaches New 1-Year High at $16.84

Shares of MGIC Investment Co. (NYSE:MTG) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $16.84 and last traded at $16.80, with a volume of 48964 shares trading hands. The stock had previously closed at $16.52.

MTG has been the subject of several research reports. Barclays raised their price objective on shares of MGIC Investment from $19.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, January 10th. Credit Suisse Group raised their price objective on shares of MGIC Investment from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Monday, October 11th. Zacks Investment Research upgraded shares of MGIC Investment from a “hold” rating to a “strong-buy” rating and set a $19.00 price objective for the company in a research report on Tuesday. B. Riley raised their price objective on shares of MGIC Investment from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 13th. Finally, Bank of America cut shares of MGIC Investment from a “buy” rating to a “neutral” rating and raised their price objective for the company from $16.00 to $16.50 in a research report on Wednesday, November 17th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $18.07.

The firm’s 50-day moving average price is $14.76 and its 200 day moving average price is $14.84. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.34 and a current ratio of 0.34. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 9.29, a PEG ratio of 1.60 and a beta of 1.71.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, November 3rd. The insurance provider reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. MGIC Investment had a net margin of 51.30% and a return on equity of 12.61%. The company had revenue of $294.74 million during the quarter. During the same quarter in the prior year, the firm earned $0.43 EPS. As a group, equities research analysts predict that MGIC Investment Co. will post 1.76 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 23rd. Investors of record on Thursday, November 11th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date was Tuesday, November 9th. MGIC Investment’s dividend payout ratio is currently 18.08%.

In other news, Director Daniel A. Arrigoni acquired 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 2nd. The stock was purchased at an average price of $14.19 per share, for a total transaction of $70,950.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.67% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC grew its holdings in MGIC Investment by 0.9% during the second quarter. FMR LLC now owns 24,779,864 shares of the insurance provider’s stock valued at $337,005,000 after purchasing an additional 213,676 shares during the period. Goldman Sachs Group Inc. grew its holdings in MGIC Investment by 10.9% during the second quarter. Goldman Sachs Group Inc. now owns 16,357,232 shares of the insurance provider’s stock valued at $222,459,000 after purchasing an additional 1,607,007 shares during the period. Natixis grew its holdings in MGIC Investment by 43.2% during the second quarter. Natixis now owns 9,327,700 shares of the insurance provider’s stock valued at $126,857,000 after purchasing an additional 2,812,000 shares during the period. JPMorgan Chase & Co. grew its holdings in MGIC Investment by 333.3% during the second quarter. JPMorgan Chase & Co. now owns 7,790,465 shares of the insurance provider’s stock valued at $105,951,000 after purchasing an additional 5,992,615 shares during the period. Finally, Bank of Nova Scotia grew its holdings in MGIC Investment by 22.0% during the second quarter. Bank of Nova Scotia now owns 7,343,674 shares of the insurance provider’s stock valued at $99,874,000 after purchasing an additional 1,324,574 shares during the period. Hedge funds and other institutional investors own 95.17% of the company’s stock.

MGIC Investment Company Profile (NYSE:MTG)

MGIC Investment Corp. is a private mortgage insurer that serves lenders throughout the United States, and Puerto Rico. It also provides lenders with underwriting and other services and products related to home mortgage lending through its subsidiaries, such as Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp.

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