The stock of MGIC Investment Corporation (NYSE:MTG) last traded at $12.61, up 1.78% from the previous session.
Data from the available sources indicates that MGIC Investment Corporation (NYSE:MTG) is covered by 9 analysts. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $18.00 and a low of $14.00, we find $17.00. Given the previous closing price of $12.39, this indicates a potential upside of 37.21 percent. MTG stock price is now -7.26% away from the 50-day moving average and -6.61% away from the 200-day moving average. The market capitalization of the company currently stands at $3.79B.
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In total, 4 analysts have assigned it a hold rating, and 5 have given it a buy rating. Brokers who have rated the stock have averaged $16.19 as their price target over the next twelve months.
With the price target reduced from $16 to $14, Barclays Downgraded its rating from Overweight to Equal Weight for MGIC Investment Corporation (NYSE: MTG). On November 09, 2022, Compass Point Downgraded its previous ‘Buy’ rating to ‘Neutral’ on the stock reducing its target price from $19 to quote $14.50, while ‘BofA Securities’ rates the stock as ‘Buy’.
In other news, Poliner Gary A., Director sold 8,296 shares of the company’s stock on Feb 27. The stock was sold for $115,480 at an average price of $13.92. Upon completion of the transaction, the Director now directly owns 8,821 shares in the company, valued at $0.11 million. Insiders disposed of 574,572 shares of company stock worth roughly $7.25 million over the past 1 year. A total of 0.60% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in MTG stock. A new stake in MGIC Investment Corporation shares was purchased by ING GROEP NV during the first quarter worth $6,305,000. AMUNDI invested $3,118,000 in shares of MTG during the first quarter. In the first quarter, AMALGAMATED FINANCIAL CORP. acquired a new stake in MGIC Investment Corporation valued at approximately $2,803,000. POINT72 MIDDLE EAST FZE acquired a new stake in MTG for approximately $2,226,000. ZACKS INVESTMENT MANAGEMENT purchased a new stake in MTG valued at around $1,978,000 in the second quarter.
With an opening price of $12.54 on Monday morning, MGIC Investment Corporation (NYSE: MTG) set off the trading day. During the past 12 months, MGIC Investment Corporation has had a low of $11.38 and a high of $15.76. The fifty day moving average price for MTG is $13.59 and a two-hundred day moving average price translates $13.50 for the stock.
The latest earnings results from MGIC Investment Corporation (NYSE: MTG) was released for Dec, 2022. The net profit margin was 73.80% and return on equity was 18.80% for MTG. For the current quarter, analysts expect MTG to generate $292.08M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 03/02/2023. Investors who held shares on 02/17/2023 were paid a $0.10 dividend. On an annualized basis, this represents a $0.40 dividend and a 3.17% percent yield. There was an ex-dividend date of 02/16/2023 for this dividend. In terms of dividend payout ratio, MTG is presently at 12.70%.
MGIC Investment Corporation(MTG) 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, 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. It also provides contract underwriting services, as well as reinsurance. The company serves originators of residential mortgage loans, including savings institutions, commercial banks, mortgage brokers, credit unions, mortgage bankers, and other lenders. MGIC Investment Corporation was founded in 1957 and is headquartered in Milwaukee, Wisconsin.
