Walleye Capital LLC Trims Stake in MGIC Investment Co. (NYSE:MTG)

Walleye Capital LLC lowered its stake in MGIC Investment Co. (NYSE:MTG - Free Report) by 82.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 72,414 shares of the insurance provider's stock after selling 338,238 shares during the quarter. Walleye Capital LLC's holdings in MGIC Investment were worth $1,854,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Hara Capital LLC purchased a new stake in MGIC Investment in the third quarter worth about $25,000. V Square Quantitative Management LLC purchased a new position in MGIC Investment during the third quarter valued at approximately $33,000. GAMMA Investing LLC boosted its position 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 worth $66,000 after purchasing an additional 1,328 shares during the period. Brooklyn Investment Group purchased a new stake in shares of MGIC Investment in the third quarter worth $69,000. Finally, Covestor Ltd raised its holdings in MGIC Investment by 65.5% during the third quarter. Covestor Ltd now owns 3,387 shares of the insurance provider's stock valued at $87,000 after acquiring an additional 1,341 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MTG shares. Barclays increased their price objective 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. Royal Bank of Canada cut their target price on shares of 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. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, MGIC Investment currently has an average rating of "Moderate Buy" and a consensus target price of $25.50.

MGIC Investment Price Performance

MGIC Investment stock traded up $0.05 during mid-day trading on Thursday, reaching $25.68. 460,183 shares of the company's stock traded hands, compared to its average volume of 1,732,939. MGIC Investment Co. has a 12-month low of $17.42 and a 12-month high of $26.56. The company has a market cap of $6.51 billion, a price-to-earnings ratio of 9.02, a PEG ratio of 1.85 and a beta of 1.27. The stock has a 50 day moving average of $25.29 and a two-hundred day moving average of $23.81. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, beating 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 firm had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. During the same quarter last year, the firm earned $0.64 EPS. The firm's revenue for the quarter was up 3.4% compared to the same quarter last year. Equities analysts forecast that MGIC Investment Co. will post 2.85 earnings per share for the current year.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date was Thursday, November 7th. MGIC Investment's dividend payout ratio (DPR) is 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.