Stocks of MGIC Investment Corporation (NYSE:MTG) traded higher last session on Wall Street, up 0.83% to $15.79.
According to the data, MGIC Investment Corporation (NYSE:MTG) has 8 analysts covering its stock. 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 $15.00, we find $18.00. Given the previous closing price of $15.66, this indicates a potential upside of 14.94 percent. MTG stock price is now 4.86% away from the 50-day moving average and 14.50% away from the 200-day moving average. The market capitalization of the company currently stands at $4.49B.
A total of 2 analysts have issued a hold rating and 6 have given it a buy rating. Brokers who have rated the stock have averaged $17.29 as their price target over the next twelve months.
With the price target maintained at $18, Compass Point recently Upgraded its rating from Neutral to Buy for MGIC Investment Corporation (NYSE: MTG).
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 $0.14 million. Insiders disposed of 763,165 shares of company stock worth roughly $12.05 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 GOLDENTREE ASSET MANAGEMENT LP during the first quarter worth $59,488,000. NEWEDGE WEALTH, LLC invested $13,388,000 in shares of MTG during the first quarter. In the first quarter, PRANA CAPITAL MANAGEMENT, LP acquired a new stake in MGIC Investment Corporation valued at approximately $8,105,000. NICHOLAS INVESTMENT PARTNERS, LP acquired a new stake in MTG for approximately $3,971,000. VIDENT INVESTMENT ADVISORY, LLC purchased a new stake in MTG valued at around $2,873,000 in the second quarter. In total, there are 518 active investors with 99.01% ownership of the company’s stock.
Friday’s opening bell rang with an opening price of $15.82 for MGIC Investment Corporation (NYSE: MTG). During the past 12 months, MGIC Investment Corporation has had a low of $12.13 and a high of $16.07. According to the stock market information, the enterprise value for the company is $4.79B, which is based on a 5.69 price-to-earnings ratio, a 1.84 price-to-earnings-growth ratio, and a beta of 1.33. The fifty day moving average price for MTG is $15.09 and a two-hundred day moving average price translates $13.80 for the stock.
The latest earnings results from MGIC Investment Corporation (NYSE: MTG) was released for Mar, 2023. The net profit margin was 72.70% and return on equity was 18.20% for MTG. For the current quarter, analysts expect MTG to generate $292.23M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 05/25/2023. Investors who held shares on 05/11/2023 were paid a $0.10 dividend. On an annualized basis, this represents a $0.40 dividend and a 2.53% percent yield. There was an ex-dividend date of 05/10/2023 for this dividend. In terms of dividend payout ratio, MTG is presently at 13.50%.
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, 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. It also provides pool insurance for secondary market mortgage transactions; and 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.
