MGIC Investment Co. (NYSE:MTG) Plans Quarterly Dividend of $0.13

MGIC Investment Co. (NYSE:MTG) declared a quarterly dividend on Thursday, July 25th, Wall Street Journal reports. Shareholders of record on Thursday, August 8th will be paid a dividend of 0.13 per share by the insurance provider on Thursday, August 22nd. This represents a $0.52 annualized dividend and a yield of 2.09%. The ex-dividend date is Thursday, August 8th. This is a boost from MGIC Investment’s previous quarterly dividend of $0.12.

MGIC Investment has increased its dividend by an average of 21.5% per year over the last three years. MGIC Investment has a payout ratio of 17.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect MGIC Investment to earn $2.60 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 17.7%.

MGIC Investment Stock Performance

Shares of NYSE MTG traded up $0.45 during midday trading on Friday, hitting $24.88. 1,834,506 shares of the company’s stock traded hands, compared to its average volume of 1,881,334. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $6.63 billion, a price-to-earnings ratio of 9.40, a price-to-earnings-growth ratio of 7.87 and a beta of 1.28. The firm has a fifty day moving average of $21.57 and a 200 day moving average of $20.68. MGIC Investment has a 1 year low of $16.30 and a 1 year high of $24.90.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.05. The firm had revenue of $294.40 million for the quarter, compared to analysts’ expectations of $301.62 million. MGIC Investment had a return on equity of 15.00% and a net margin of 62.85%. The business’s revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.54 earnings per share. On average, analysts forecast that MGIC Investment will post 2.52 earnings per share for the current year.

Analyst Ratings Changes

MTG has been the topic of several recent research reports. UBS Group increased their price target on MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a report on Wednesday, May 22nd. Barclays increased their target price on shares of MGIC Investment from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $24.00 to $25.00 in a research note on Monday, June 3rd. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $22.17.

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.