The Manufacturers Life Insurance Company reduced its stake in MGIC Investment Co. (NYSE:MTG – Get Rating ) by 5.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 246,827 shares of the insurance provider’s stock after selling 13,335 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.08% of MGIC Investment worth $3,164,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. DGS Capital Management LLC boosted its holdings in shares of MGIC Investment by 7.1% in the second quarter. DGS Capital Management LLC now owns 11,998 shares of the insurance provider’s stock valued at $151,000 after buying an additional 799 shares in the last quarter. Van ECK Associates Corp boosted its stake in MGIC Investment by 9.9% in the third quarter. Van ECK Associates Corp now owns 8,930 shares of the insurance provider’s stock valued at $114,000 after purchasing an additional 804 shares during the last quarter. Balasa Dinverno & Foltz LLC boosted its stake in MGIC Investment by 3.8% in the third quarter. Balasa Dinverno & Foltz LLC now owns 28,197 shares of the insurance provider’s stock valued at $361,000 after purchasing an additional 1,020 shares during the last quarter. Yousif Capital Management LLC raised its stake in MGIC Investment by 0.7% in the second quarter. Yousif Capital Management LLC now owns 179,154 shares of the insurance provider’s stock valued at $2,257,000 after buying an additional 1,290 shares in the last quarter. Finally, Xponance Inc. grew its stake in MGIC Investment by 4.2% in the second quarter. Xponance Inc. now owns 36,832 shares of the insurance provider’s stock valued at $464,000 after buying an additional 1,493 shares in the last quarter. Institutional investors and hedge funds own 96.95% of the company’s shares.
MGIC Investment Stock rose 0.8%
Shares of MGIC Investment stock opened at $14.23 on Thursday. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of 5.33, a P/E/G ratio of 1.22 and a beta of 1.36. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.50 and a quick earnings ratio of 0.50. MGIC Investment Co. has a fifty-two week low of $11.38 and a fifty-two week high of $16.41. The firm has a fifty day moving average of $13.27 and a two hundred day moving average of $13.60.
MGIC Investment (NYSE:MTG – Get Rating) last posted its earnings results on Wednesday, November 2. The insurance provider reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.31. The firm had revenue of $296.06 million during the quarter, compared to analyst estimates of $322.19 million. MGIC Investment had a net margin of 72.18% and a return on equity of 19.66%. As a group, analysts predict that MGIC Investment Co. will report 2.86 earnings per share for the current year.
MGIC Investment announces dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 2nd. Stockholders of record on Friday, February 17th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, February 16th. This represents a $0.40 annual dividend and a dividend yield of 2.81%. MGIC Investment’s payout ratio is 14.98%.
Changes in analyst ratings
MTG has been the subject of a number of research reports. Credit Suisse Group cut their target price on MGIC Investment to $15.00 in a research note on Thursday, October 13th. StockNews.com initiated coverage on MGIC Investment in a research note on Wednesday, October 12th. They issued a “buy” rating on the company. Compass Point cut shares of MGIC Investment from a “buy” rating to a “neutral” rating and cut their target price for the stock from $19.00 to $14.50 in a report on Tuesday, November 8th. Finally, Barclays cut shares of MGIC Investment from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $16.00 to $14.00 in a report on Friday, January 6th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. MGIC Investment has a consensus rating of “Moderate Buy” and an average price target of $15.75, according to MarketBeat.
MGIC Investment Profile
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MGIC Investment Corp. is a private mortgage insurer serving lenders in the United States and Puerto Rico. It also provides lenders with insurance and other residential mortgage lending services and products through its subsidiaries, such as Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp.
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