Raymond James & Associates reduced its position in shares of MGIC Investment Co. (NYSE:MTG – Free Report) by 12.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,264 shares of the insurance provider’s stock after selling 7,272 shares during the period. Raymond James & Associates’ holdings in MGIC Investment were worth $809,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the company. NorthCrest Asset Manangement LLC lifted its position in shares of MGIC Investment by 1.6% during the second quarter. NorthCrest Asset Manangement LLC now owns 44,929 shares of the insurance provider’s stock valued at $709,000 after purchasing an additional 700 shares in the last quarter. Larson Financial Group LLC raised its position in MGIC Investment by 0.8% in the first quarter. Larson Financial Group LLC now owns 103,632 shares of the insurance provider’s stock worth $1,391,000 after acquiring an additional 799 shares during the period. Stifel Financial Corp raised its position in MGIC Investment by 5.3% in the first quarter. Stifel Financial Corp now owns 18,064 shares of the insurance provider’s stock worth $242,000 after acquiring an additional 902 shares during the period. Captrust Financial Advisors raised its position in MGIC Investment by 6.6% in the third quarter. Captrust Financial Advisors now owns 17,046 shares of the insurance provider’s stock worth $219,000 after acquiring an additional 1,060 shares during the period. Finally, Nations Financial Group Inc. IA ADV raised its position in MGIC Investment by 6.7% in the first quarter. Nations Financial Group Inc. IA ADV now owns 17,666 shares of the insurance provider’s stock worth $237,000 after acquiring an additional 1,106 shares during the period. 93.41% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have commented on MTG. StockNews.com began coverage on shares of MGIC Investment in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Compass Point boosted their price target on shares of MGIC Investment from $18.00 to $20.00 in a research report on Thursday, August 3rd. Finally, Royal Bank of Canada boosted their price target on shares of MGIC Investment from $17.00 to $18.00 and gave the company a “sector perform” rating in a research report on Friday, August 4th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $17.33.
MGIC Investment Stock Performance
NYSE MTG opened at $17.74 on Monday. The company’s 50 day moving average is $17.12 and its 200-day moving average is $16.30. MGIC Investment Co. has a 12-month low of $12.15 and a 12-month high of $18.25. The company has a quick ratio of 0.66, a current ratio of 0.63 and a debt-to-equity ratio of 0.13. The firm has a market cap of $4.92 billion, a P/E ratio of 7.18, a price-to-earnings-growth ratio of 1.43 and a beta of 1.29.
MGIC Investment (NYSE:MTG – Get Free Report) last issued its quarterly earnings data on Tuesday, October 31st. The insurance provider reported $0.64 EPS for the quarter, beating the consensus estimate of $0.57 by $0.07. The company had revenue of $296.50 million during the quarter, compared to analysts’ expectations of $296.31 million. MGIC Investment had a net margin of 61.88% and a return on equity of 15.28%. MGIC Investment’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.86 earnings per share. Sell-side analysts predict that MGIC Investment Co. will post 2.41 earnings per share for the current year.
MGIC Investment Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 28th. Investors of record on Thursday, November 9th will be paid a dividend of $0.115 per share. The ex-dividend date is Wednesday, November 8th. This represents a $0.46 annualized dividend and a yield of 2.59%. MGIC Investment’s dividend payout ratio is currently 18.62%.
About MGIC Investment
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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