Weiss Asset Management LP Takes Position in MGIC Investment Co. (NYSE:MTG)

Weiss Asset Management LP bought a new stake in shares of MGIC Investment Co. (NYSE:MTG - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 113,542 shares of the insurance provider's stock, valued at approximately $2,907,000.

Several other hedge funds have also recently made changes to their positions in the business. Hara Capital LLC bought a new stake in MGIC Investment in the third quarter worth $25,000. V Square Quantitative Management LLC bought a new stake in MGIC Investment in the third quarter worth $33,000. Brooklyn Investment Group bought a new stake in MGIC Investment in the third quarter worth $69,000. Covestor Ltd boosted its holdings in MGIC Investment by 65.5% in the third quarter. Covestor Ltd now owns 3,387 shares of the insurance provider's stock worth $87,000 after acquiring an additional 1,341 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in MGIC Investment by 233.4% in the second quarter. Blue Trust Inc. now owns 4,985 shares of the insurance provider's stock worth $111,000 after acquiring an additional 3,490 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Trading Down 0.7 %

Shares of MTG stock traded down $0.18 on Friday, reaching $25.52. 1,007,724 shares of the company's stock were exchanged, compared to its average volume of 1,262,039. MGIC Investment Co. has a 52 week low of $17.42 and a 52 week high of $26.56. 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 stock has a market capitalization of $6.47 billion, a PE ratio of 8.99, a P/E/G ratio of 1.83 and a beta of 1.27. The company's fifty day simple moving average is $25.30 and its 200 day simple moving average is $23.88.

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, beating analysts' consensus estimates of $0.66 by $0.11. The firm had revenue of $306.65 million for the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The company's quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm earned $0.64 earnings per share. As a group, analysts forecast that MGIC Investment Co. will post 2.85 EPS for the current year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.04%. The ex-dividend date was Thursday, November 7th. MGIC Investment's dividend payout ratio is currently 18.31%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Barclays upped their price target on 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 lowered their target price on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating on the stock in a report on Wednesday, November 6th. Three 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 an average rating of "Moderate Buy" and an average target price of $25.50.

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.