MGIC Investment (NYSE:MTG) Stock Price Down 5.5% - Here's What Happened

MGIC Investment Co. (NYSE:MTG - Get Free Report) shares fell 5.5% on Friday . The stock traded as low as $23.67 and last traded at $23.67. 247,374 shares were traded during trading, a decline of 86% from the average session volume of 1,740,668 shares. The stock had previously closed at $25.04.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MTG. Roth Mkm boosted their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the company a "buy" rating in a research report on Friday, August 2nd. BTIG Research lifted their price target on MGIC Investment from $22.00 to $25.00 and gave the stock a "buy" rating in a research note on Monday, August 5th. Finally, Barclays increased their target price 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. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.50.

MGIC Investment Trading Down 5.9 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $6.11 billion, a P/E ratio of 8.70, a price-to-earnings-growth ratio of 1.35 and a beta of 1.28. The stock has a 50-day moving average price of $25.33 and a two-hundred day moving average price of $23.03.

MGIC Investment (NYSE:MTG - Get Free Report) last released its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.15. The firm had revenue of $305.28 million for the quarter, compared to the consensus estimate of $301.02 million. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The company's revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.68 EPS. On average, research analysts forecast that MGIC Investment Co. will post 2.76 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The firm 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 dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 2.21%. MGIC Investment's dividend payout ratio is currently 19.19%.

Hedge Funds Weigh In On MGIC Investment

Large investors have recently made changes to their positions in the business. Hara Capital LLC bought a new stake in shares of MGIC Investment in the 3rd quarter worth about $25,000. Versant Capital Management Inc boosted its stake in MGIC Investment by 482.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider's stock worth $25,000 after purchasing an additional 946 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in MGIC Investment during the third quarter worth about $33,000. Fidelis Capital Partners LLC acquired a new position in shares of MGIC Investment in the 1st quarter worth approximately $50,000. Finally, GAMMA Investing LLC boosted its stake in shares of MGIC Investment by 76.2% in the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider's stock valued at $66,000 after purchasing an additional 1,328 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

About MGIC Investment

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.