Paloma Partners Management Co Makes New Investment in MGIC Investment Co. (NYSE:MTG)

Paloma Partners Management Co bought a new position in MGIC Investment Co. (NYSE:MTG - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 22,433 shares of the insurance provider's stock, valued at approximately $574,000.

A number of other hedge funds also recently made changes to their positions in MTG. Comerica Bank increased its stake in MGIC Investment by 15.0% during the first quarter. Comerica Bank now owns 151,939 shares of the insurance provider's stock worth $3,397,000 after acquiring an additional 19,841 shares during the last quarter. GAMMA Investing LLC grew its position in MGIC Investment by 76.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider's stock worth $66,000 after purchasing an additional 1,328 shares during the period. Versant Capital Management Inc grew its position 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 period. Ellenbecker Investment Group acquired a new stake in MGIC Investment during the 2nd quarter worth about $456,000. Finally, QRG Capital Management Inc. grew its position in shares of MGIC Investment by 7.7% during the 2nd quarter. QRG Capital Management Inc. now owns 15,152 shares of the insurance provider's stock valued at $327,000 after acquiring an additional 1,081 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Barclays raised their target price 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. Royal Bank of Canada dropped their target price on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating on the stock in a research report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $25.50.

MGIC Investment Price Performance

MGIC Investment stock traded down $0.30 during midday trading on Wednesday, reaching $25.63. The company had a trading volume of 1,152,797 shares, compared to its average volume of 1,738,612. The company has a market capitalization of $6.49 billion, a P/E ratio of 9.02, a P/E/G ratio of 1.86 and a beta of 1.27. MGIC Investment Co. has a 12-month low of $17.42 and a 12-month high of $26.56. The firm's fifty day simple moving average is $25.29 and its 200-day simple moving average is $23.81. 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 (NYSE:MTG - Get Free Report) last released its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, topping 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 analyst estimates of $306.03 million. During the same period last year, the company posted $0.64 EPS. The business's revenue was up 3.4% on a year-over-year basis. As a group, equities analysts anticipate that MGIC Investment Co. will post 2.85 EPS for the current year.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors 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 annualized dividend and a yield of 2.03%. MGIC Investment's dividend payout ratio (DPR) is presently 18.31%.

MGIC Investment 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.