Foundry Partners LLC Cuts Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Foundry Partners LLC cut its holdings in MGIC Investment Co. (NYSE:MTG - Free Report) by 22.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 339,603 shares of the insurance provider's stock after selling 98,096 shares during the period. Foundry Partners LLC owned approximately 0.12% of MGIC Investment worth $6,551,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Signaturefd LLC lifted its stake in 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. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of MGIC Investment by 47.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 100,258 shares of the insurance provider's stock valued at $1,934,000 after acquiring an additional 32,450 shares during the last quarter. DGS Capital Management LLC raised its stake in shares of MGIC Investment by 2.2% during the fourth quarter. DGS Capital Management LLC now owns 64,895 shares of the insurance provider's stock valued at $1,252,000 after acquiring an additional 1,417 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of MGIC Investment by 5.1% during the fourth quarter. Mackenzie Financial Corp now owns 908,046 shares of the insurance provider's stock valued at $17,516,000 after acquiring an additional 44,259 shares during the last quarter. Finally, Louisiana State Employees Retirement System bought a new position in shares of MGIC Investment during the fourth quarter valued at about $1,503,000. 95.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MTG has been the subject of several recent analyst reports. Royal Bank of Canada upped their price objective on shares of MGIC Investment from $18.00 to $21.00 and gave the company a "sector perform" rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $24.00 price objective (up from $23.50) on shares of MGIC Investment in a research note on Thursday, April 4th. Finally, Roth Mkm upped their price objective on shares of MGIC Investment from $21.00 to $24.00 and gave the company a "buy" rating in a research note on Friday, February 2nd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $21.08.

MGIC Investment Trading Up 0.7 %

Shares of NYSE MTG traded up $0.15 during midday trading on Monday, hitting $19.98. 2,239,456 shares of the company traded hands, compared to its average volume of 2,057,402. MGIC Investment Co. has a 12-month low of $13.97 and a 12-month high of $22.43. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a 50-day moving average price of $20.36 and a 200 day moving average price of $19.05. The firm has a market cap of $5.39 billion, a P/E ratio of 8.06, a P/E/G ratio of 1.63 and a beta of 1.24.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $284.72 million for the quarter, compared to analysts' expectations of $302.96 million. MGIC Investment had a net margin of 61.72% and a return on equity of 14.82%. As a group, analysts expect that MGIC Investment Co. will post 2.43 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 5th. Shareholders of record on Thursday, February 15th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date was Wednesday, February 14th. MGIC Investment's dividend payout ratio (DPR) is presently 18.47%.

MGIC Investment Company 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.