New York Life Investment Management LLC Sells 756 Shares of MGIC Investment Co. (NYSE:MTG)

New York Life Investment Management LLC cut its holdings in MGIC Investment Co. (NYSE:MTG) by 2.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 25,733 shares of the insurance provider’s stock after selling 756 shares during the period. New York Life Investment Management LLC’s holdings in MGIC Investment were worth $496,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of MTG. Invesco Ltd. boosted its holdings in shares of MGIC Investment by 47.3% in the third quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock worth $52,983,000 after acquiring an additional 1,019,759 shares during the period. AQR Capital Management LLC lifted its holdings in shares of MGIC Investment by 30.3% in the third quarter. AQR Capital Management LLC now owns 4,233,477 shares of the insurance provider’s stock worth $70,657,000 after buying an additional 985,512 shares in the last quarter. LSV Asset Management boosted its position in shares of MGIC Investment by 8.5% in the third quarter. LSV Asset Management now owns 10,427,565 shares of the insurance provider’s stock valued at $174,036,000 after acquiring an additional 820,182 shares during the period. FMR LLC grew its stake in MGIC Investment by 26.7% during the third quarter. FMR LLC now owns 3,829,710 shares of the insurance provider’s stock valued at $63,918,000 after acquiring an additional 807,637 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in MGIC Investment by 302.3% in the 3rd quarter. Acadian Asset Management LLC now owns 661,778 shares of the insurance provider’s stock valued at $11,034,000 after purchasing an additional 497,261 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Trading Up 1.4 %

NYSE MTG opened at $21.18 on Friday. The stock’s 50-day simple moving average is $20.70 and its two-hundred day simple moving average is $19.35. MGIC Investment Co. has a twelve month low of $14.51 and a twelve month high of $22.43. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of 8.15, a PEG ratio of 1.67 and a beta of 1.24.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. MGIC Investment had a return on equity of 15.00% and a net margin of 62.85%. The company had revenue of $294.40 million for the quarter, compared to analysts’ expectations of $301.62 million. During the same period last year, the firm posted $0.54 EPS. MGIC Investment’s revenue for the quarter was up 3.7% compared to the same quarter last year. Research analysts forecast that MGIC Investment Co. will post 2.48 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 21st. Shareholders of record on Thursday, May 9th will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Wednesday, May 8th. MGIC Investment’s payout ratio is 17.69%.

Wall Street Analysts Forecast Growth

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

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.