Sumitomo Mitsui Trust Holdings Inc. lowered its position in shares of MGIC Investment Co. (NYSE: MTG – Get Rating) by 19.9% during the first quarter, according to its latest filing with the Securities & Exchange Commission. The fund held 20,580 shares of the insurance provider after selling 5,102 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in MGIC Investment were worth $279,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also bought and sold shares of the company. O Shares Investment Advisers LLC increased its position in MGIC Investment shares by 2.3% in Q4. O Shares Investment Advisers LLC now owns 30,126 shares of the insurance provider valued at $434,000 after buying an additional 684 shares in the last quarter. Natixis Advisors LP increased its position in MGIC Investment shares by 4.8% in the 4th quarter. Natixis Advisors LP now owns 17,732 shares of the insurance provider valued at $256,000 after buying 805 additional shares in the last quarter. Meritage Portfolio Management increased its position in Placements MGIC shares by 5.4% in the 4th quarter. Meritage Investment Management now owns 16,963 shares of the insurance provider valued at $245,000 after buying 864 additional shares in the last quarter. Factorial Partners LLC increased its position in MGIC Investment shares by 1.4% in the 4th quarter. Factorial Partners LLC now owns 74,000 shares of the insurance provider valued at $1,067,000 after buying an additional 1,000 shares in the last quarter. Finally, Bank of America Corp DE increased its position in MGIC Investment shares by 0.3% in the 4th quarter. Bank of America Corp DE now owns 845,340 shares of the insurance provider valued at $12,190,000 after buying 2,296 additional shares in the last quarter. Institutional investors hold 94.10% of the company’s shares.
MGIC investment stock down 0.6%
MTG stock opened at $13.57 on Friday. The stock’s 50-day simple moving average is $13.07 and its 200-day simple moving average is $13.96. MGIC Investment Co. has a fifty-two week low of $11.38 and a fifty-two week high of $16.84. The company has a debt ratio of 0.20, a quick ratio of 0.61 and a current ratio of 0.61. The company has a market capitalization of $4.20 billion, a P/E ratio of 6.92, a price-to-earnings growth ratio of 1.20 and a beta of 1.47.
MGIC Investment (NYSE:MTG – Get Rating) last released its quarterly results on Wednesday, May 4. The insurance provider reported earnings per share of $0.60 for the quarter, beating analysts’ consensus estimate of $0.58 by $0.02. MGIC Investment had a return on equity of 14.61% and a net margin of 55.82%. The company posted revenue of $294.60 million for the quarter, versus a consensus estimate of $292.28 million. During the same period of the previous year, the company achieved EPS of $0.42. The company’s revenue for the quarter was down 1.1% year over year. On average, research analysts expect MGIC Investment Co. to post earnings per share of 2.27 for the current fiscal year.
MGIC Investment Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, May 26. Investors of record on Thursday, May 12 received a dividend of $0.08 per share. This represents a dividend of $0.32 on an annualized basis and a yield of 2.36%. The ex-dividend date was Wednesday, May 11. The dividend payout ratio (DPR) of MGIC Investment is currently 16.33%.
Analysts set new price targets
A number of research companies have commented on MTG. Royal Bank of Canada upgraded MGIC Investment from an ‘sector performance’ rating to an ‘outperform’ rating and raised its price target for the company from $15.00 to $16.00 in a report of search for Thursday, June 23. StockNews.com upgraded MGIC Investment from a “hold” rating to a “buy” rating in a Friday, May 13 research report. Finally, BTIG Research reduced its target price on MGIC Investment from $18.00 to $17.00 in a Tuesday, April 12 research report. Two equity research analysts gave the stock a hold rating and four gave the company a buy rating. According to data from MarketBeat, MGIC Investment has a consensus rating of “Moderate Buy” and an average price target of $17.92.
MGIC Investment Profile
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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, Puerto Rico and in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest, and various expenses associated with default and subsequent foreclosure.
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