Vestcor Inc Acquires 50,979 Shares of MGIC Investment Co. (NYSE:MTG)

Vestcor Inc raised its position in MGIC Investment Co. (NYSE:MTG - Free Report) by 559.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,094 shares of the insurance provider's stock after acquiring an additional 50,979 shares during the period. Vestcor Inc's holdings in MGIC Investment were worth $1,538,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of MTG. State of Alaska Department of Revenue increased its stake in MGIC Investment by 0.4% in the third quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider's stock valued at $3,858,000 after acquiring an additional 540 shares during the period. Nations Financial Group Inc. IA ADV grew its stake in shares of MGIC Investment by 1.6% in the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 35,306 shares of the insurance provider's stock valued at $761,000 after purchasing an additional 565 shares during the period. Lindenwold Advisors INC raised its holdings in shares of MGIC Investment by 3.7% in the 3rd quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider's stock worth $425,000 after buying an additional 592 shares in the last quarter. Fortem Financial Group LLC lifted its position in shares of MGIC Investment by 1.0% during the 2nd quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider's stock worth $1,626,000 after buying an additional 747 shares during the period. Finally, Financial Strategies Group Inc. boosted its stake in MGIC Investment by 9.2% in the 3rd quarter. Financial Strategies Group Inc. now owns 11,440 shares of the insurance provider's stock valued at $295,000 after buying an additional 966 shares in the last quarter. Institutional investors own 95.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Royal Bank of Canada dropped their price objective on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a research note on Wednesday, November 6th. Bank of America lowered shares of MGIC Investment from a "buy" rating to an "underperform" rating and lowered their target price for the stock from $26.00 to $25.00 in a report on Monday. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $29.00 price target on shares of MGIC Investment in a report on Tuesday. Finally, Barclays upped 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 note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, MGIC Investment has a consensus rating of "Hold" and an average target price of $26.00.

MGIC Investment Price Performance

NYSE MTG traded up $0.05 on Thursday, hitting $24.86. 1,347,499 shares of the company were exchanged, compared to its average volume of 1,732,194. MGIC Investment Co. has a 1-year low of $18.38 and a 1-year high of $26.56. The firm has a 50 day moving average of $25.25 and a two-hundred day moving average of $23.97. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The company has a market cap of $6.30 billion, a P/E ratio of 8.75, a P/E/G ratio of 1.82 and a beta of 1.27.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, beating the consensus estimate 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 analysts' expectations of $306.03 million. During the same period in the prior year, the firm earned $0.64 earnings per share. MGIC Investment's revenue was up 3.4% compared to the same quarter last year. On average, equities analysts predict that MGIC Investment Co. will post 2.85 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.52 annualized dividend and a dividend yield of 2.09%. MGIC Investment's dividend payout ratio (DPR) is currently 18.31%.

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.