Norges Bank Makes New Investment in MGIC Investment Co. (NYSE:MTG)

Norges Bank bought a new position in shares of MGIC Investment Co. (NYSE:MTGFree Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,216,540 shares of the insurance provider’s stock, valued at approximately $62,047,000. Norges Bank owned about 1.16% of MGIC Investment as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. QRG Capital Management Inc. grew its stake in shares of MGIC Investment by 4.1% in the fourth quarter. QRG Capital Management Inc. now owns 14,703 shares of the insurance provider’s stock worth $284,000 after purchasing an additional 584 shares during the last quarter. Asset Management One Co. Ltd. grew its stake in shares of MGIC Investment by 2.1% in the fourth quarter. Asset Management One Co. Ltd. now owns 39,747 shares of the insurance provider’s stock worth $774,000 after purchasing an additional 812 shares during the last quarter. Blue Trust Inc. grew its stake in shares of MGIC Investment by 49.2% in the fourth quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider’s stock worth $50,000 after purchasing an additional 849 shares during the last quarter. Signaturefd LLC grew its stake in shares of MGIC Investment by 4.0% in the fourth quarter. Signaturefd LLC now owns 22,162 shares of the insurance provider’s stock worth $428,000 after purchasing an additional 862 shares during the last quarter. Finally, Janiczek Wealth Management LLC grew its stake in shares of MGIC Investment by 29.5% in the fourth quarter. Janiczek Wealth Management LLC now owns 5,572 shares of the insurance provider’s stock worth $107,000 after purchasing an additional 1,269 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. UBS Group boosted their price objective on shares of MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 22nd. Royal Bank of Canada upped their price target on shares of MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a research report on Friday, February 2nd. Roth Mkm upped their price target on shares of MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $24.00 price target (up previously from $23.50) on shares of MGIC Investment in a research report on Thursday, April 4th. Five research 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, the company presently has a consensus rating of “Hold” and a consensus target price of $21.67.

Check Out Our Latest Stock Report on MTG

MGIC Investment Price Performance

Shares of NYSE MTG opened at $20.55 on Tuesday. The firm’s 50-day moving average price is $20.82 and its 200-day moving average price is $19.70. MGIC Investment Co. has a 1-year low of $14.73 and a 1-year high of $22.43. The firm has a market capitalization of $5.48 billion, a P/E ratio of 7.90, a P/E/G ratio of 6.95 and a beta of 1.24. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTGGet Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.05. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The firm had revenue of $294.40 million for the quarter, compared to analyst estimates of $301.62 million. During the same quarter in the prior year, the business earned $0.54 earnings per share. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. Equities research analysts anticipate that MGIC Investment Co. will post 2.51 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 21st. Stockholders of record on Thursday, May 9th were issued a dividend of $0.115 per share. The ex-dividend date was Wednesday, May 8th. This represents a $0.46 annualized dividend and a dividend yield of 2.24%. MGIC Investment’s dividend payout ratio is currently 17.69%.

About MGIC Investment

(Free Report)

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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Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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