Summit Global Investments bought a new position in MGIC Investment Co. (NYSE:MTG - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 74,009 shares of the insurance provider's stock, valued at approximately $1,428,000.
A number of other institutional investors and hedge funds have also bought and sold shares of MTG. GAMMA Investing LLC bought a new position in shares of MGIC Investment during the 4th quarter valued at $30,000. Blue Trust Inc. grew its stake in shares of MGIC Investment by 49.2% during the fourth quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider's stock valued at $50,000 after buying an additional 849 shares during the last quarter. Planned Solutions Inc. purchased a new position in shares of MGIC Investment in the fourth quarter worth about $66,000. USA Financial Formulas purchased a new position in shares of MGIC Investment in the third quarter worth about $100,000. Finally, Janiczek Wealth Management LLC lifted its stake in shares of MGIC Investment by 29.5% in the 4th quarter. Janiczek Wealth Management LLC now owns 5,572 shares of the insurance provider's stock valued at $107,000 after acquiring an additional 1,269 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors.
MGIC Investment Trading Up 0.7 %
Shares of MGIC Investment stock traded up $0.14 during midday trading on Friday, reaching $20.65. 2,072,463 shares of the company's stock traded hands, compared to its average volume of 2,053,955. The stock has a 50 day moving average of $20.55 and a 200-day moving average of $19.21. MGIC Investment Co. has a 12 month low of $13.97 and a 12 month high of $22.43. The company has a market cap of $5.57 billion, a PE ratio of 7.94, a price-to-earnings-growth ratio of 1.69 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 - Get Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.60 by $0.05. The business had revenue of $294.40 million during the quarter, compared to analyst estimates of $301.62 million. MGIC Investment had a net margin of 62.85% and a return on equity of 15.13%. The company's revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.54 EPS. As a group, equities analysts expect that MGIC Investment Co. will post 2.43 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 dividend of $0.115 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $0.46 annualized dividend and a yield of 2.23%. MGIC Investment's payout ratio is 17.69%.
Wall Street Analysts Forecast Growth
MTG has been the topic of a number of analyst reports. Royal Bank of Canada lifted 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 reiterated a "market perform" rating and set a $24.00 price target (up from $23.50) on shares of MGIC Investment in a report on Thursday, April 4th. Finally, Roth Mkm increased 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. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $21.08.
Check Out Our Latest Research Report on MTG
MGIC Investment Profile
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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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