Shares of MGIC Investment Co. (NYSE:MTG – Get Rating) have been given an average recommendation of "Buy" by the seven analysts that are presently covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $18.33.

Several equities research analysts have recently issued reports on MTG shares. Credit Suisse Group raised their price target on MGIC Investment to $17.00 in a research report on Monday, August 22nd. StockNews.com raised MGIC Investment from a "hold" rating to a "buy" rating in a research report on Friday, August 5th. Royal Bank of Canada raised MGIC Investment from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $15.00 to $16.00 in a research report on Thursday, June 23rd. Finally, Bank of America raised MGIC Investment from a "neutral" rating to a "buy" rating and set a $18.00 target price on the stock in a research report on Thursday, August 18th.

Institutional Investors Weigh In On MGIC Investment

A number of institutional investors have recently added to or reduced their stakes in MTG. Lazard Asset Management LLC bought a new position in shares of MGIC Investment in the first quarter valued at approximately $26,000. Cyrus J. Lawrence LLC bought a new position in shares of MGIC Investment in the first quarter valued at approximately $33,000. Quent Capital LLC bought a new position in shares of MGIC Investment in the fourth quarter valued at approximately $49,000. Meeder Asset Management Inc. raised its stake in shares of MGIC Investment by 87,240.0% in the first quarter. Meeder Asset Management Inc. now owns 4,367 shares of the insurance provider's stock valued at $59,000 after acquiring an additional 4,362 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in shares of MGIC Investment in the fourth quarter valued at approximately $71,000. 97.63% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Trading Up 4.5 %

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.99%. This is an increase from MGIC Investment's previous quarterly dividend of $0.08. The ex-dividend date was Wednesday, August 10th. MGIC Investment's payout ratio is presently 17.24%.

About MGIC Investment

(Get Rating)

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.

Read More

• Get a free copy of the StockNews.com research report on MGIC Investment (MTG)
• 3 Stocks Growing Their Businesses for 2023
• China-Based EV Maker BYD Set For Big European, Japanese Expansion
• Is Illumina Still the Gamechanger in Genomics Sequencing?
• Here's What Makes Amazon a Sum-of-All-Parts Commerce Juggernaut
• FedEx Will Deliver Better News in 2023

Receive News & Ratings for MGIC Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGIC Investment and related companies with MarketBeat.com's FREE daily email newsletter.