MGIC Investment Co. plans quarterly dividend of $0.10 (NYSE:MTG)

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MGIC Investment Co. (NYSE:MTG – Get Rating) announced a quarterly dividend on Thursday, October 27, Zacks reports. Shareholders of record on Thursday, November 10 will receive a dividend of 0.10 per share from the insurer on Wednesday, November 23. This represents an annualized dividend of $0.40 and a dividend yield of 2.97%. The ex-dividend date is Wednesday, November 9.

MGIC Investment has a payout ratio of 18.5%, indicating that its dividend is sufficiently covered by earnings. Stock analysts expect MGIC Investment to earn $2.27 per share next year, meaning the company should continue to be able to cover its $0.40 annual dividend with a payout ratio. expected future of 17.6%.

Performance of MGIC investment shares

MTG opened at $13.46 on Friday. MGIC Investment has a 1-year low of $11.38 and a 1-year high of $16.84. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt ratio of 0.20. The stock’s 50-day simple moving average is $13.60 and its 200-day simple moving average is $13.50. The stock has a market capitalization of $4.08 billion, a PE ratio of 5.80, a P/E/G ratio of 1.03 and a beta of 1.41.

MGIC Investment (NYSE:MTG – Get Rating) last released its quarterly results on Wednesday, August 3. The insurance provider reported EPS of $0.81 for the quarter, beating consensus analyst estimates of $0.54 from $0.27. MGIC Investment had a return on equity of 17.05% and a net margin of 64.21%. The company posted revenue of $297.86 million in the quarter, versus a consensus estimate of $306.01 million. Sell-side analysts expect MGIC Investment to post EPS of 2.55 for the current year.

A Wall Street analyst gives his opinion

Several analysts have recently released reports on MTG shares. Bank of America upgraded MGIC Investment from a “neutral” rating to a “buy” rating and set a target price of $18.00 on the stock in a Thursday, August 18 research note. StockNews.com began covering MGIC Investment shares in a report on Wednesday, October 12. They issued a “buy” rating for the company. Barclays lowered its price target on MGIC Investment shares from $23.00 to $16.00 and set an “overweight” rating for the company in a Thursday, October 13 report. Finally, Credit Suisse Group lowered its price target on MGIC Investment shares to $15.00 in a Thursday, October 13 research note.

Institutional investors weigh on MGIC investment

Several hedge funds and other institutional investors have recently changed their holdings in MTG. Captrust Financial Advisors increased its stake in MGIC Investment by 13.1% in the second quarter. Captrust Financial Advisors now owns 15,986 shares of the insurance provider worth $201,000 after buying an additional 1,849 shares during the period. Centiva Capital LP purchased a new equity position from MGIC Investment during Q2 valued at approximately $228,000. United Services Automobile Association bought a new stock position from MGIC Investment during Q2, valued at approximately $432,000. Thrivent Financial for Lutherans increased its equity stake in MGIC Investment by 2.6% during Q2. Thrivent Financial for Lutherans now owns 989,736 shares of the insurance provider valued at $12,471,000 after buying an additional 24,752 shares in the last quarter. Finally, Prudential Financial Inc. increased its stake in MGIC Investment shares by 5.7% during the second quarter. Prudential Financial Inc. now owns 398,472 shares of the insurance provider valued at $5,021,000 after buying an additional 21,595 shares in the last quarter. 97.63% of the shares are currently held by hedge funds and other institutional investors.

About MGIC Investment

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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 in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest and various expenses associated with default and subsequent foreclosure.

Further reading

Dividend history for MGIC Investment (NYSE:MTG)

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