CWA Asset Management Group LLC Takes $723,000 Position in MGIC Investment Co. (NYSE:MTG)

CWA Asset Management Group LLC bought a new stake in shares of MGIC Investment Co. (NYSE:MTG - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 28,236 shares of the insurance provider's stock, valued at approximately $723,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Financial Strategies Group Inc. raised its holdings in shares of MGIC Investment by 9.2% during the third quarter. Financial Strategies Group Inc. now owns 11,440 shares of the insurance provider's stock worth $295,000 after purchasing an additional 966 shares during the last quarter. Hara Capital LLC acquired a new stake in MGIC Investment during the 3rd quarter worth about $25,000. Foster & Motley Inc. raised its stake in shares of MGIC Investment by 2.1% during the 3rd quarter. Foster & Motley Inc. now owns 220,805 shares of the insurance provider's stock valued at $5,653,000 after buying an additional 4,516 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of MGIC Investment by 40.0% in the 3rd quarter. Van ECK Associates Corp now owns 161,376 shares of the insurance provider's stock valued at $4,099,000 after buying an additional 46,112 shares during the period. Finally, Janney Montgomery Scott LLC boosted its stake in shares of MGIC Investment by 190.8% in the third quarter. Janney Montgomery Scott LLC now owns 30,268 shares of the insurance provider's stock worth $775,000 after buying an additional 19,861 shares during the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Price Performance

Shares of NYSE:MTG traded up $0.47 during midday trading on Monday, hitting $24.93. The company's stock had a trading volume of 715,465 shares, compared to its average volume of 1,772,381. The company has a market cap of $6.32 billion, a P/E ratio of 8.78, a price-to-earnings-growth ratio of 1.37 and a beta of 1.28. MGIC Investment Co. has a 12-month low of $17.25 and a 12-month high of $26.52. The business's 50 day simple moving average is $25.22 and its 200 day simple moving average is $23.26. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.11 and a current ratio of 1.25.

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

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.09%. The ex-dividend date is Thursday, November 7th. MGIC Investment's payout ratio is currently 18.31%.

Analyst Ratings Changes

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

MGIC Investment Company 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.