Bank of Montreal Can Takes Position in MGIC Investment Co. (NYSE:MTG)

Bank of Montreal Can bought a new stake in MGIC Investment Co. (NYSE:MTG) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 59,246 shares of the insurance provider’s stock, valued at approximately $940,000.

Several other large investors also recently added to or reduced their stakes in MTG. Lazard Asset Management LLC purchased a new position in shares of MGIC Investment during the 1st quarter worth $26,000. Industrial Alliance Investment Management Inc. raised its position in MGIC Investment by 374.0% in the 4th quarter. Industrial Alliance Investment Management Inc. now owns 3,925 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 3,097 shares in the last quarter. Bessemer Group Inc. acquired a new stake in MGIC Investment in the 1st quarter valued at about $63,000. Covestor Ltd raised its position in shares of MGIC Investment by 84.1% during the 1st quarter. Covestor Ltd now owns 9,642 shares of the insurance provider’s stock worth $131,000 after acquiring an additional 4,404 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new position in shares of MGIC Investment in the 1st quarter valued at $141,000. 93.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Royal Bank of Canada increased their price target on shares of MGIC Investment from $17.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Friday, August 4th. Compass Point lifted their price target on shares of MGIC Investment from $18.00 to $20.00 in a report on Thursday, August 3rd. Finally, StockNews.com assumed coverage on shares of MGIC Investment in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $17.33.

MGIC Investment Trading Up 1.7 %

MTG opened at $17.69 on Monday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average is $17.12 and its 200-day moving average is $16.41. The firm has a market capitalization of $4.91 billion, a P/E ratio of 7.16, a P/E/G ratio of 1.47 and a beta of 1.29. MGIC Investment Co. has a 52-week low of $12.15 and a 52-week high of $18.25.

MGIC Investment (NYSE:MTG) last released its earnings results on Tuesday, October 31st. The insurance provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. MGIC Investment had a net margin of 61.88% and a return on equity of 15.28%. The firm had revenue of $296.50 million during the quarter, compared to analyst estimates of $296.31 million. During the same quarter in the previous year, the firm earned $0.86 earnings per share. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. Analysts expect that MGIC Investment Co. will post 2.41 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Thursday, November 9th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 2.60%. The ex-dividend date is Wednesday, November 8th. MGIC Investment’s dividend payout ratio (DPR) is 18.62%.

MGIC Investment 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.