Zacks Investment Management Makes New $2.45 Million Investment in MGIC Investment Co. (NYSE:MTG)

Zacks Investment Management purchased 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 institutional investor purchased 95,571 shares of the insurance provider's stock, valued at approximately $2,447,000.

A number of other large investors also recently added to or reduced their stakes in MTG. GSA Capital Partners LLP raised its holdings in MGIC Investment by 154.1% in the third quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider's stock worth $2,476,000 after purchasing an additional 58,664 shares during the period. Edgestream Partners L.P. grew its stake in MGIC Investment by 153.9% in the 2nd quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider's stock valued at $5,279,000 after buying an additional 148,494 shares during the last quarter. Hancock Whitney Corp bought a new position in MGIC Investment during the 3rd quarter worth $777,000. Panagora Asset Management Inc. boosted its holdings in MGIC Investment by 14.8% in the 2nd quarter. Panagora Asset Management Inc. now owns 505,155 shares of the insurance provider's stock valued at $10,886,000 after purchasing an additional 65,315 shares during the period. Finally, Mackenzie Financial Corp grew its holdings in shares of MGIC Investment by 2.9% during the 2nd quarter. Mackenzie Financial Corp now owns 879,674 shares of the insurance provider's stock worth $18,957,000 after purchasing an additional 24,627 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MTG has been the subject of a number of research analyst reports. Bank of America cut MGIC Investment from a "buy" rating to an "underperform" rating and lowered their price target for the stock from $26.00 to $25.00 in a report on Monday. Royal Bank of Canada lowered their target price on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a research report on Wednesday, November 6th. Finally, Barclays upped their target price on MGIC Investment from $23.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, MGIC Investment has a consensus rating of "Hold" and an average target price of $25.43.

MGIC Investment Stock Down 3.5 %

NYSE:MTG traded down $0.89 during trading hours on Monday, reaching $24.63. The company had a trading volume of 2,063,418 shares, compared to its average volume of 1,735,609. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The business's 50-day simple moving average is $25.28 and its two-hundred day simple moving average is $23.93. The firm has a market cap of $6.24 billion, a price-to-earnings ratio of 8.67, a P/E/G ratio of 1.82 and a beta of 1.27. MGIC Investment Co. has a twelve month low of $18.04 and a twelve month high of $26.56.

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 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 analyst estimates of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business's quarterly revenue was up 3.4% compared to the same quarter last year. During the same period last year, the firm earned $0.64 earnings per share. On average, equities analysts expect that MGIC Investment Co. will post 2.85 earnings per share for the current year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date was Thursday, November 7th. MGIC Investment's payout ratio is 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.