MGIC Investment Co. (NYSE:MTG) Short Interest Up 17.8% in February

MGIC Investment Co. (NYSE:MTG - Get Free Report) was the target of a large growth in short interest in February. As of February 28th, there was short interest totalling 11,660,000 shares, a growth of 17.8% from the February 13th total of 9,900,000 shares. Approximately 4.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,710,000 shares, the days-to-cover ratio is presently 6.8 days.

MGIC Investment Trading Down 0.8 %

Shares of NYSE MTG traded down $0.19 during trading hours on Friday, reaching $23.52. The stock had a trading volume of 23,038,231 shares, compared to its average volume of 1,703,110. MGIC Investment has a 52-week low of $19.26 and a 52-week high of $26.56. The firm has a market cap of $5.71 billion, a price-to-earnings ratio of 8.11 and a beta of 1.28. The business's fifty day moving average price is $24.29 and its two-hundred day moving average price is $24.69. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. Analysts expect that MGIC Investment will post 2.71 EPS for the current fiscal year.

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MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Tuesday, February 18th. MGIC Investment's payout ratio is 17.93%.

Insider Buying and Selling at MGIC Investment

In other news, CAO Julie K. Sperber sold 4,600 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $24.55, for a total transaction of $112,930.00. Following the sale, the chief accounting officer now directly owns 75,070 shares of the company's stock, valued at $1,842,968.50. This represents a 5.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.05% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MTG. UMB Bank n.a. grew its stake in MGIC Investment by 131.9% in the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 938 shares during the last quarter. Venturi Wealth Management LLC increased its position in shares of MGIC Investment by 102.1% during the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock worth $43,000 after purchasing an additional 918 shares in the last quarter. V Square Quantitative Management LLC lifted its holdings in shares of MGIC Investment by 61.9% during the 4th quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock valued at $49,000 after purchasing an additional 794 shares during the last quarter. Physician Wealth Advisors Inc. purchased a new stake in MGIC Investment in the fourth quarter valued at about $54,000. Finally, EverSource Wealth Advisors LLC raised its stake in MGIC Investment by 21.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock valued at $55,000 after buying an additional 419 shares during the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on MTG shares. Keefe, Bruyette & Woods decreased their target price on shares of MGIC Investment from $29.00 to $28.00 and set a "market perform" rating on the stock in a research report on Wednesday, January 8th. Compass Point restated a "neutral" rating and issued a $27.00 price target (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. UBS Group lifted their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Bank of America downgraded shares of MGIC Investment from a "buy" rating to an "underperform" rating and reduced their target price for the company from $26.00 to $25.00 in a research note on Monday, December 9th. Finally, Barclays lifted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $26.75.

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.