MGIC Investment Co. (NYSE:MTG – Get Rating ) announced a quarterly dividend on Friday, April 28th, Wall Street Journal reports. Stockholders of record on Thursday, May 11th will be given a dividend of 0.10 per share by the insurance provider on Thursday, May 25th. This represents an annualized dividend of $0.40 and a yield of 2.69%. The ex-dividend date of this dividend is Wednesday, May 10th.
MGIC Investment has increased its dividend by an average of 44.2% per year over the past three years and has increased its dividend every year for the past 2 years. MGIC Investment has a dividend payout ratio of 18.0%, indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect MGIC Investment to earn $2.32 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 17.2%.
MGIC Investment Price Efficiency
NYSE MTG traded up $0.26 during trading hours on Friday, reaching $14.87. The company had a trading volume of 2,607,091 shares, compared to its average volume of 2,990,509. The company has a 50-day simple moving average of $13.52 and a 200-day simple moving average of $13.38. The company has a debt-to-equity ratio of 0.14, a quick earnings ratio of 0.65, and a current ratio of 0.65. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 5.34, a PEG ratio of 1.33 and a beta of 1.34. MGIC Investment has a 52-week low of $11.38 and a 52-week high of $15.76.
MGIC Investment (NYSE:MTG – Get Rating) last posted its quarterly earnings results on Thursday, February 2nd. The insurance provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $292.25 million for the quarter, compared to analysts’ expectations of $295.17 million. MGIC Investment had a return on equity of 19.71% and a net margin of 73.79%. The company’s revenue was down .6% compared to the same quarter last year. During the same quarter last year, the firm reported $0.61 EPS. equities research analysts anticipate that MGIC Investment will post 2.12 earnings per share for the current year.
Internal activity
In other news, Director Gary A. Poliner sold 8,296 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $13.92, for a total value of $115,480.32. Following the sale, the director now directly owns 8,821 shares of the company’s stock, valued at approximately $122,788.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC’s website. Company insiders own 1.05% of the company’s shares.
Hedge funds influence MGIC’s investments
Several large investors have recently modified their holdings of MTG. Raymond James Financial Services Advisors Inc. raised its holdings in MGIC Investment by 13.4% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 103,446 shares of the insurance provider’s stock worth $1,402,000 after buying an additional 12,256 shares in the last quarter. HighTower Advisors LLC purchased a new stake in MGIC Investment during the first quarter valued at $230,000. Natixis Advisors LP increased its position in shares of MGIC Investment by 42.1% during the first quarter. Natixis Advisors LP now owns 25,204 shares of the insurance provider’s stock valued at $342,000 after buying an additional 7,472 shares during the last quarter. MetLife Investment Management LLC boosted its position in MGIC Investment by 31.3% in the first quarter. MetLife Investment Management LLC now owns 207,142 shares of the insurance provider’s stock valued at $2,807,000 after buying an additional 49,361 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of MGIC Investment by 8.8% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 117,400 shares of the insurance provider’s stock valued at $1,591,000 after buying an additional 9,454 shares during the last quarter. Hedge funds and other institutional investors own 96.95% of the company’s shares.
The Wall Street analyst weighs in
A number of research firms recently weighed in on MTG. Barclays downgraded MGIC Investment from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $16.00 to $14.00 in a research report on Friday, January 6th. Roth Capital reaffirmed a “buy” rating on shares of MGIC Investment in a research note on Thursday, February 2nd. Compass Point raised MGIC Investment from a “neutral” rating to a “buy” rating and set a $18.00 target price for the company in a research note on Tuesday, April 11th. Finally, StockNews.com lowered MGIC Investment from a “buy” rating to a “hold” rating in a research report on Thursday, March 30th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat , the company has an average rating of “Moderate Buy” and an average target price of $16.20.
MGIC Investment Company Profile
(Get Rating)
MGIC Investment Corp. is a holding company engaged in the provision of mortgage insurance, other mortgage credit risk management solutions and ancillary services. The company was founded by Max Karl in 1957 and is headquartered in Milwaukee, Wisconsin.
More information
This instant news alert is generated by narrative science technology and financial data from MarketBeat to provide readers with the fastest and most accurate reporting. This story was reviewed by the MarketBeat editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider MGIC Investment, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated and top-performing research analysts and the stocks they recommend to their clients daily. MarketBeat identified the five stocks that top analysts are quietly whispering to their clients to buy now, before the broader market takes a nosedive … and MGIC Investment wasn’t on the list.
While MGIC Investment currently has a Moderate Buy rating among analysts, the top rating analysts consider these five stocks to be better buys.
Check out the five stocks here
