Toronto Dominion Bank trimmed its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 20.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,710 shares of the insurance provider’s stock after selling 1,742 shares during the period. Toronto Dominion Bank’s holdings in MGIC Investment were worth $91,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Van ECK Associates Corp lifted its stake in MGIC Investment by 129.1% in the 2nd quarter. Van ECK Associates Corp now owns 4,002 shares of the insurance provider’s stock valued at $54,000 after purchasing an additional 2,255 shares during the last quarter. The PNC Financial Services Group Inc. lifted its stake in MGIC Investment by 38.0% in the 1st quarter. The PNC Financial Services Group Inc. now owns 7,384 shares of the insurance provider’s stock valued at $103,000 after purchasing an additional 2,033 shares during the last quarter. Teza Capital Management LLC acquired a new stake in MGIC Investment in the 1st quarter valued at about $141,000. Captrust Financial Advisors lifted its stake in MGIC Investment by 563.9% in the 1st quarter. Captrust Financial Advisors now owns 10,224 shares of the insurance provider’s stock valued at $142,000 after purchasing an additional 8,684 shares during the last quarter. Finally, Toroso Investments LLC acquired a new stake in MGIC Investment in the 1st quarter valued at about $180,000. Institutional investors own 94.48% of the company’s stock.
Several equities research analysts recently issued reports on MTG shares. Barclays raised their target price on shares of MGIC Investment from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Friday, August 6th. Zacks Investment Research cut shares of MGIC Investment from a “buy” rating to a “hold” rating and set a $16.00 price target on the stock. in a report on Tuesday, September 14th. Royal Bank of Canada increased their price target on shares of MGIC Investment from $15.00 to $16.00 and gave the company a “sector perform” rating in a report on Friday, August 6th. Finally, B. Riley increased their price target on shares of MGIC Investment from $17.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, August 19th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $16.13.
MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, August 4th. The insurance provider reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.02. MGIC Investment had a net margin of 49.02% and a return on equity of 12.70%. The company had revenue of $297.80 million for the quarter, compared to analysts’ expectations of $291.76 million. During the same period last year, the firm earned $0.03 earnings per share. The business’s revenue for the quarter was up 1.4% on a year-over-year basis. Equities analysts anticipate that MGIC Investment Co. will post 1.75 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 26th. Stockholders of record on Thursday, August 12th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, August 11th. This is a boost from MGIC Investment’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 2.12%. MGIC Investment’s dividend payout ratio (DPR) is currently 24.24%.
About MGIC Investment
MGIC Investment Corp. is a private mortgage insurer that serves lenders throughout the United States, and Puerto Rico. It also provides lenders with underwriting and other services and products related to home mortgage lending through its subsidiaries, such as Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp.
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