State of Alaska Department of Revenue increased its holdings in shares of MGIC Investment Co. (NYSE:MTG – Free Report) by 0.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 150,750 shares of the insurance provider’s stock after acquiring an additional 540 shares during the period. State of Alaska Department of Revenue owned approximately 0.06% of MGIC Investment worth $3,858,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of MTG. Versant Capital Management Inc grew its holdings in MGIC Investment by 482.7% during the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 946 shares during the period. V Square Quantitative Management LLC acquired a new position in MGIC Investment during the third quarter worth $33,000. Fidelis Capital Partners LLC acquired a new position in MGIC Investment during the first quarter worth $50,000. GAMMA Investing LLC boosted its position in MGIC Investment by 76.2% during 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 in the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in MGIC Investment by 600.0% during the first quarter. Daiwa Securities Group Inc. now owns 4,200 shares of the insurance provider’s stock worth $94,000 after purchasing an additional 3,600 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.
Analysts Set New Price Targets
A number of analysts have commented on MTG shares. Roth Mkm boosted their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Barclays boosted their target price on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Finally, BTIG Research boosted their target price on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.
MGIC Investment Stock Up 0.6 %
Shares of NYSE:MTG opened at $25.36 on Thursday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. MGIC Investment Co. has a 52-week low of $16.47 and a 52-week high of $26.52. The stock’s fifty day simple moving average is $25.32 and its 200-day simple moving average is $23.01. The company has a market capitalization of $6.57 billion, a P/E ratio of 9.36, a P/E/G ratio of 1.32 and a beta of 1.28.
MGIC Investment (NYSE:MTG – Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.15. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The business had revenue of $305.28 million for the quarter, compared to the consensus estimate of $301.02 million. During the same period in the prior year, the business earned $0.68 earnings per share. The business’s revenue was up 5.0% on a year-over-year basis. As a group, equities research analysts forecast that MGIC Investment Co. will post 2.76 earnings per share for the current fiscal year.
MGIC Investment Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 2.05%. MGIC Investment’s payout ratio is currently 19.19%.
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.
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