Oppenheimer & Co. Inc. acquired a new stake in MGIC Investment Co. (NYSE:MTG - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 24,787 shares of the insurance provider's stock, valued at approximately $635,000.
Several other hedge funds have also recently bought and sold shares of MTG. State of Alaska Department of Revenue increased its position in shares of MGIC Investment by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider's stock worth $3,858,000 after acquiring an additional 540 shares during the period. Nations Financial Group Inc. IA ADV increased its holdings in MGIC Investment by 1.6% during the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 35,306 shares of the insurance provider's stock worth $761,000 after purchasing an additional 565 shares during the period. Fortem Financial Group LLC raised its position in MGIC Investment by 1.0% in the 2nd quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider's stock valued at $1,626,000 after purchasing an additional 747 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of MGIC Investment by 482.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider's stock valued at $25,000 after buying an additional 946 shares during the period. Finally, Financial Strategies Group Inc. grew its position 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 buying an additional 966 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.
MGIC Investment Price Performance
Shares of NYSE MTG opened at $24.75 on Thursday. The stock has a fifty day moving average price of $25.18 and a 200 day moving average price of $23.48. MGIC Investment Co. has a 1-year low of $17.31 and a 1-year high of $26.52. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. The company has a market cap of $6.27 billion, a PE ratio of 8.71, a P/E/G ratio of 1.78 and a beta of 1.28.
MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.11. The firm had revenue of $306.65 million during the quarter, compared to analysts' expectations of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. MGIC Investment's revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.64 earnings per share. Sell-side analysts forecast that MGIC Investment Co. will post 2.81 EPS for the current year.
MGIC Investment Announces Dividend
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 given a dividend of $0.13 per share. The ex-dividend date is Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 2.10%. MGIC Investment's payout ratio is currently 18.31%.
Analyst Upgrades and Downgrades
MTG has been the subject of a number of recent research reports. 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. Barclays lifted their price objective on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 8th. Roth Mkm increased their target price on MGIC Investment from $24.00 to $30.00 and gave the company a "buy" rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada decreased their price target on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a report on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.50.
View Our Latest Analysis on MTG
About MGIC Investment
(
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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