Connor Clark & Lunn Investment Management Ltd. Increases Position in MGIC Investment Co. (NYSE:MTG)

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in MGIC Investment Co. (NYSE:MTG - Free Report) by 369.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 57,722 shares of the insurance provider's stock after purchasing an additional 45,419 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in MGIC Investment were worth $1,478,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its holdings in shares of MGIC Investment by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider's stock worth $326,375,000 after buying an additional 556,859 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of MGIC Investment by 1.5% in the 2nd quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider's stock valued at $73,167,000 after purchasing an additional 50,307 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of MGIC Investment by 0.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 1,438,727 shares of the insurance provider's stock worth $31,005,000 after purchasing an additional 4,602 shares during the period. Vest Financial LLC increased its position in shares of MGIC Investment by 3.7% during the 3rd quarter. Vest Financial LLC now owns 1,113,258 shares of the insurance provider's stock valued at $28,499,000 after purchasing an additional 39,502 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in MGIC Investment by 2.9% during the 2nd quarter. Mackenzie Financial Corp now owns 879,674 shares of the insurance provider's stock valued at $18,957,000 after buying an additional 24,627 shares during the period. Institutional investors own 95.58% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on MTG. BTIG Research boosted their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Monday, August 5th. Roth Mkm increased their price objective on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a "buy" rating in a research report on Friday, August 2nd. Royal Bank of Canada dropped their target price on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a research report on Wednesday, November 6th. Finally, Barclays increased their price target on MGIC Investment from $23.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, MGIC Investment currently has a consensus rating of "Moderate Buy" and an average target price of $25.50.

MGIC Investment Price Performance

Shares of NYSE:MTG remained flat at $26.11 during trading on Wednesday. 1,012,349 shares of the stock were exchanged, compared to its average volume of 1,748,083. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $6.62 billion, a price-to-earnings ratio of 9.19, a PEG ratio of 1.91 and a beta of 1.28. The business's 50-day simple moving average is $25.22 and its two-hundred day simple moving average is $23.62. MGIC Investment Co. has a fifty-two week low of $17.31 and a fifty-two week high of $26.56.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.11. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The business had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. During the same period in the previous year, the company posted $0.64 EPS. MGIC Investment's revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts anticipate that MGIC Investment Co. will post 2.81 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.99%. The ex-dividend date was Thursday, November 7th. MGIC Investment's payout ratio is 18.31%.

MGIC Investment Profile

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.