Franklin Resources Inc. grew its position in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 6.5% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,621,838 shares of the insurance provider's stock after buying an additional 98,369 shares during the quarter. Franklin Resources Inc. owned 0.64% of MGIC Investment worth $41,836,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. GSA Capital Partners LLP increased its holdings in shares of MGIC Investment by 154.1% in the 3rd quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider's stock valued at $2,476,000 after purchasing an additional 58,664 shares in the last quarter. Vestcor Inc boosted its stake in shares of 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 in the last quarter. Edgestream Partners L.P. grew its holdings in shares of 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 acquiring an additional 148,494 shares during the period. Hancock Whitney Corp purchased a new position in MGIC Investment in the 3rd quarter valued at approximately $777,000. Finally, Panagora Asset Management Inc. raised its holdings in MGIC Investment by 14.8% during the second quarter. Panagora Asset Management Inc. now owns 505,155 shares of the insurance provider's stock worth $10,886,000 after purchasing an additional 65,315 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.
MGIC Investment Trading Down 3.7 %
NYSE MTG traded down $0.91 during mid-day trading on Wednesday, hitting $23.38. The company's stock had a trading volume of 1,607,756 shares, compared to its average volume of 1,730,494. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. MGIC Investment Co. has a 52-week low of $18.68 and a 52-week high of $26.56. The stock's fifty day simple moving average is $25.15 and its two-hundred day simple moving average is $24.10. The firm has a market capitalization of $5.92 billion, a P/E ratio of 8.23, a price-to-earnings-growth ratio of 1.77 and a beta of 1.27.
MGIC Investment (NYSE:MTG - Get Free Report) last issued its earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $306.03 million. During the same quarter last year, the firm posted $0.64 EPS. The business's revenue for the quarter was up 3.4% compared to the same quarter last year. Research analysts expect that MGIC Investment Co. will post 2.85 EPS for the current year.
MGIC Investment Dividend Announcement
The company also recently disclosed 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 of this dividend was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 2.22%. MGIC Investment's dividend payout ratio is currently 18.31%.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on MTG. Barclays raised their price target on MGIC Investment from $23.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 8th. Bank of America lowered MGIC Investment from a "buy" rating to an "underperform" rating and decreased their price objective for the company from $26.00 to $25.00 in a research note on Monday, December 9th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $29.00 target price on shares of MGIC Investment in a report on Tuesday, December 10th. Finally, Royal Bank of Canada lowered their price target on shares of MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $26.00.
Get Our Latest Stock Analysis on MGIC Investment
MGIC Investment Profile
(
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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