Mackenzie Financial Corp Raises Holdings in MGIC Investment Co. (NYSE:MTG)

Mackenzie Financial Corp boosted its stake in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 2.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 879,674 shares of the insurance provider's stock after buying an additional 24,627 shares during the period. Mackenzie Financial Corp owned approximately 0.33% of MGIC Investment worth $18,957,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. 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 valued at $25,000 after purchasing an additional 946 shares during the last quarter. Quarry LP boosted its position in shares of MGIC Investment by 244.4% during the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider's stock valued at $38,000 after buying an additional 1,403 shares during the last quarter. CWM LLC increased its holdings in MGIC Investment by 249.1% in the 1st quarter. CWM LLC now owns 2,175 shares of the insurance provider's stock worth $49,000 after buying an additional 1,552 shares in the last quarter. Fidelis Capital Partners LLC purchased a new position in MGIC Investment in the 1st quarter worth about $50,000. Finally, GAMMA Investing LLC raised its position in MGIC Investment by 76.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider's stock worth $66,000 after buying an additional 1,328 shares during the last quarter. 95.58% of the stock is owned by institutional investors.

MGIC Investment Stock Up 0.4 %

Shares of MGIC Investment stock traded up $0.10 during trading on Monday, reaching $25.47. The company's stock had a trading volume of 454,587 shares, compared to its average volume of 1,800,774. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. MGIC Investment Co. has a 1-year low of $16.30 and a 1-year high of $25.93. The company has a market cap of $6.79 billion, a price-to-earnings ratio of 9.76, a P/E/G ratio of 1.37 and a beta of 1.28. The company has a 50-day simple moving average of $24.59 and a two-hundred day simple moving average of $22.33.

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 (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.15. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The firm had revenue of $305.28 million for the quarter, compared to the consensus estimate of $301.02 million. During the same period in the prior year, the firm earned $0.68 EPS. The firm's revenue was up 5.0% on a year-over-year basis. As a group, equities analysts forecast that MGIC Investment Co. will post 2.76 earnings per share for the current year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a $0.13 dividend. The ex-dividend date was Thursday, August 8th. This represents a $0.52 dividend on an annualized basis and a yield of 2.04%. This is a positive change from MGIC Investment's previous quarterly dividend of $0.12. MGIC Investment's dividend payout ratio is currently 20.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MTG. Barclays lifted their price target on shares of MGIC Investment from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Friday, August 2nd. BTIG Research lifted their price target on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a "buy" rating in a research note on Monday, August 5th. Keefe, Bruyette & Woods raised MGIC Investment from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $24.00 to $25.00 in a research report on Monday, June 3rd. Finally, Roth Mkm raised their price objective on MGIC Investment from $24.00 to $30.00 and gave the company a "buy" rating in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $24.33.

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.