Raymond James & Associates Acquires 3,595 Shares of MGIC Investment Co. (NYSE:MTG)

Raymond James & Associates raised its holdings in MGIC Investment Co. (NYSE:MTG) by 6.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,967 shares of the insurance provider’s stock after purchasing an additional 3,595 shares during the quarter. Raymond James & Associates’ holdings in MGIC Investment were worth $1,118,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Lazard Asset Management LLC bought a new position in shares of MGIC Investment during the 1st quarter worth $26,000. Industrial Alliance Investment Management Inc. grew its stake in shares of MGIC Investment by 374.0% during the 4th quarter. Industrial Alliance Investment Management Inc. now owns 3,925 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 3,097 shares during the period. USA Financial Formulas bought a new position in shares of MGIC Investment during the 3rd quarter worth $100,000. Impact Partnership Wealth LLC bought a new position in shares of MGIC Investment during the 3rd quarter worth $121,000. Finally, Neo Ivy Capital Management bought a new position in shares of MGIC Investment during the 2nd quarter worth $124,000. Institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on MTG. Royal Bank of Canada increased their price target on MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $24.00 price objective (up previously from $23.50) on shares of MGIC Investment in a report on Thursday, April 4th. Finally, Roth Mkm increased their price objective on MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, MGIC Investment presently has an average rating of “Hold” and a consensus target price of $21.08.

MGIC Investment Stock Performance

Shares of MTG opened at $19.83 on Friday. The stock’s 50-day simple moving average is $20.36 and its 200 day simple moving average is $19.03. MGIC Investment Co. has a 52-week low of $13.97 and a 52-week high of $22.43. The stock has a market capitalization of $5.35 billion, a price-to-earnings ratio of 7.96, a price-to-earnings-growth ratio of 1.61 and a beta of 1.24. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.98 and a current ratio of 0.98.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.10. MGIC Investment had a return on equity of 14.82% and a net margin of 61.72%. The firm had revenue of $284.72 million for the quarter, compared to analysts’ expectations of $302.96 million. Research analysts forecast that MGIC Investment Co. will post 2.43 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 5th. Shareholders of record on Thursday, February 15th were issued a $0.115 dividend. The ex-dividend date was Wednesday, February 14th. This represents a $0.46 annualized dividend and a dividend yield of 2.32%. MGIC Investment’s payout ratio is currently 18.47%.

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.