World Investment Advisors LLC bought a new position in MGIC Investment Co. (NYSE:MTG - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 24,190 shares of the insurance provider's stock, valued at approximately $619,000.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. GSA Capital Partners LLP grew its holdings in MGIC Investment by 154.1% during the 3rd quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider's stock valued at $2,476,000 after buying an additional 58,664 shares in the last quarter. Vestcor Inc increased its holdings in MGIC Investment by 559.3% during the 3rd quarter. Vestcor Inc now owns 60,094 shares of the insurance provider's stock worth $1,538,000 after acquiring an additional 50,979 shares during the period. Edgestream Partners L.P. lifted its stake in MGIC Investment by 153.9% in the 2nd quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider's stock worth $5,279,000 after purchasing an additional 148,494 shares in the last quarter. Hancock Whitney Corp purchased a new stake in MGIC Investment in the 3rd quarter worth approximately $777,000. Finally, Panagora Asset Management Inc. grew its position in shares of MGIC Investment by 14.8% during the 2nd quarter. Panagora Asset Management Inc. now owns 505,155 shares of the insurance provider's stock valued at $10,886,000 after purchasing an additional 65,315 shares in the last quarter. Institutional investors own 95.58% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $29.00 price objective on shares of MGIC Investment in a research report on Tuesday, December 10th. Barclays raised their price target on MGIC Investment from $23.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, October 8th. Royal Bank of Canada cut their price objective on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a report on Wednesday, November 6th. Finally, Bank of America downgraded shares of MGIC Investment from a "buy" rating to an "underperform" rating and lowered their target price for the company from $26.00 to $25.00 in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $26.00.
Get Our Latest Research Report on MTG
MGIC Investment Stock Down 1.7 %
Shares of MTG stock traded down $0.41 during midday trading on Tuesday, reaching $24.29. 1,282,830 shares of the stock were exchanged, compared to its average volume of 1,730,999. The firm has a market cap of $6.15 billion, a PE ratio of 8.70, a price-to-earnings-growth ratio of 1.77 and a beta of 1.27. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The company's 50 day moving average is $25.21 and its two-hundred day moving average is $24.08. MGIC Investment Co. has a 1 year low of $18.68 and a 1 year high of $26.56.
MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business had revenue of $306.65 million for the quarter, compared to analyst estimates of $306.03 million. During the same quarter in the previous year, the firm posted $0.64 earnings per share. MGIC Investment's quarterly revenue was up 3.4% on a year-over-year basis. On average, equities research analysts predict that MGIC Investment Co. will post 2.85 EPS for the current year.
MGIC Investment Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were issued a $0.13 dividend. The ex-dividend date was Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 2.14%. MGIC Investment's dividend payout ratio (DPR) is presently 18.31%.
MGIC Investment Company Profile
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Free Report)
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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