DekaBank Deutsche Girozentrale reduced its stake in MGIC Investment Co. (NYSE:MTG – Get Rating) by 15.1% in the first quarter, according to the company in its most recent Form 13F filed with the Securities and Exchange Commission (SEC). The company held 90,200 shares of the insurance provider after selling 16,000 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in MGIC Investment were worth $1,252,000 at the end of the last quarter.
A number of other hedge funds have also recently increased or reduced their stakes in MTG. Cyrus J. Lawrence LLC acquired a new stock position of MGIC Investment during the first quarter worth $33,000. Quent Capital LLC acquired a new stock position of MGIC Investment during the fourth quarter worth $49,000. Point72 Hong Kong Ltd acquired a new equity position from MGIC Investment during the fourth quarter worth $71,000. Covestor Ltd acquired a new position in shares of MGIC Investment during the fourth quarter worth $76,000. Finally, Wedge Capital Management LLP NC increased its equity stake in MGIC Investment by 23.4% during the first quarter. Wedge Capital Management LLP NC now owns 16,414 shares of the insurance provider valued at $222,000 after acquiring an additional 3,112 shares during the period. Institutional investors and hedge funds hold 94.10% of the company’s shares.
Wall Street analysts predict growth
Several equity analysts have recently released reports on MTG shares. BTIG Research cut its price target on MGIC Investment shares from $18.00 to $17.00 in a Tuesday, April 12 report. StockNews.com upgraded MGIC Investment’s shares from a “hold” rating to a “buy” rating in a Friday, May 13 report. Finally, Royal Bank of Canada upgraded shares of MGIC Investment from an ‘sector performance’ rating to an ‘outperform’ rating and raised its price target for the company from $15.00 to 16.00. $ in a research note from Thursday, June 23. Two research analysts gave the stock a hold rating and four gave the company a buy rating. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $17.92.
MGIC Investment Price Performance
NYSE MTG shares opened at $13.65 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt ratio of 0.20. The company’s 50-day simple moving average is $13.06 and its 200-day simple moving average is $13.97. MGIC Investment Co. has a fifty-two week low of $11.38 and a fifty-two week high of $16.84. The stock has a market capitalization of $4.23 billion, a P/E ratio of 6.96, a P/E/G ratio of 1.19 and a beta of 1.47.
MGIC Investment (NYSE:MTG – Get Rating) last released its quarterly results on Wednesday, May 4. The insurance provider reported EPS of $0.60 for the quarter, beating the consensus estimate of $0.58 by $0.02. The company posted revenue of $294.60 million for the quarter, versus $292.28 million expected by analysts. MGIC Investment posted a net margin of 55.82% and a return on equity of 14.61%. MGIC Investment’s revenue for the quarter decreased by 1.1% compared to the same quarter last year. In the same period a year earlier, the company had earned earnings per share of $0.42. Equity analysts expect MGIC Investment Co. to post EPS of 2.27 for the current year.
MGIC Investment Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, May 26. Shareholders of record on Thursday, May 12 received a dividend of $0.08 per share. The ex-dividend date was Wednesday, May 11. This represents an annualized dividend of $0.32 and a yield of 2.34%. The dividend payout ratio (DPR) of MGIC Investment is currently 16.33%.
MGIC Investment Profile
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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, Puerto Rico and in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest, and various expenses associated with default and subsequent foreclosure.
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