MGIC Investment (NYSE:MTG – Free Report) had its target price hoisted by Royal Bank of Canada from $18.00 to $21.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has a sector perform rating on the insurance provider’s stock.
A number of other brokerages have also recently commented on MTG. StockNews.com started coverage on MGIC Investment in a report on Thursday, October 5th. They issued a hold rating on the stock. UBS Group initiated coverage on MGIC Investment in a research report on Wednesday, December 6th. They set a neutral rating and a $18.50 price objective for the company. Finally, Barclays initiated coverage on MGIC Investment in a research report on Wednesday, November 15th. They set an equal weight rating and a $19.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, MGIC Investment currently has an average rating of Hold and a consensus price target of $20.50.
MGIC Investment Price Performance
MGIC Investment Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 5th. Investors of record on Thursday, February 15th will be given a $0.115 dividend. The ex-dividend date is Wednesday, February 14th. This represents a $0.46 annualized dividend and a yield of 2.39%. MGIC Investment’s dividend payout ratio is currently 18.47%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in MTG. First Trust Advisors LP grew its position in MGIC Investment by 450.2% in the first quarter. First Trust Advisors LP now owns 14,943,450 shares of the insurance provider’s stock worth $200,541,000 after acquiring an additional 12,227,328 shares in the last quarter. Goldman Sachs Group Inc. grew its position in MGIC Investment by 38.4% in the first quarter. Goldman Sachs Group Inc. now owns 10,458,631 shares of the insurance provider’s stock worth $141,715,000 after acquiring an additional 2,904,381 shares in the last quarter. Millennium Management LLC grew its position in MGIC Investment by 78.2% in the fourth quarter. Millennium Management LLC now owns 5,491,214 shares of the insurance provider’s stock worth $71,386,000 after acquiring an additional 2,409,682 shares in the last quarter. Vanguard Group Inc. lifted its stake in MGIC Investment by 6.0% in the third quarter. Vanguard Group Inc. now owns 37,980,396 shares of the insurance provider’s stock worth $486,909,000 after purchasing an additional 2,137,706 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in MGIC Investment by 51.3% in the second quarter. Northern Trust Corp now owns 5,040,416 shares of the insurance provider’s stock worth $79,588,000 after purchasing an additional 1,709,882 shares during the last quarter. Hedge funds and other institutional investors own 93.41% of the company’s stock.
About MGIC Investment
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.
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