Nicholas Investment Partners LP Has $15.67 Million Stake in MGIC Investment Co. (NYSE:MTG)

Nicholas Investment Partners LP grew its position in shares of MGIC Investment Co. (NYSE:MTG) by 10.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 726,914 shares of the insurance provider’s stock after buying an additional 66,027 shares during the quarter. MGIC Investment makes up about 1.6% of Nicholas Investment Partners LP’s investment portfolio, making the stock its 8th biggest position. Nicholas Investment Partners LP owned 0.27% of MGIC Investment worth $15,665,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Vest Financial LLC raised its stake in shares of MGIC Investment by 22.7% during the second quarter. Vest Financial LLC now owns 1,073,756 shares of the insurance provider’s stock worth $23,139,000 after buying an additional 198,553 shares during the last quarter. American Century Companies Inc. raised its position in shares of MGIC Investment by 1.5% during the 2nd quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock valued at $73,167,000 after acquiring an additional 50,307 shares during the last quarter. United Services Automobile Association lifted its stake in shares of MGIC Investment by 9.2% in the 2nd quarter. United Services Automobile Association now owns 21,497 shares of the insurance provider’s stock valued at $463,000 after purchasing an additional 1,807 shares during the period. Quest Partners LLC boosted its position in shares of MGIC Investment by 906,600.0% in the 2nd quarter. Quest Partners LLC now owns 9,067 shares of the insurance provider’s stock worth $195,000 after purchasing an additional 9,066 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of MGIC Investment by 89.2% in the 2nd quarter. Acadian Asset Management LLC now owns 300,968 shares of the insurance provider’s stock worth $6,480,000 after purchasing an additional 141,888 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Down 2.8 %

Shares of MTG stock opened at $24.38 on Thursday. MGIC Investment Co. has a 52-week low of $16.30 and a 52-week high of $25.93. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $6.50 billion, a price-to-earnings ratio of 9.38, a PEG ratio of 1.33 and a beta of 1.28. The firm’s 50-day moving average is $23.88 and its 200-day moving average is $21.87.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The business had revenue of $305.28 million for the quarter, compared to analysts’ expectations of $301.02 million. During the same quarter in the prior year, the business earned $0.68 EPS. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. Sell-side analysts predict that MGIC Investment Co. will post 2.76 EPS for the current year.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, August 8th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 2.13%. MGIC Investment’s dividend payout ratio (DPR) is 20.00%.

Analysts Set New Price Targets

MTG has been the subject of a number of recent analyst reports. UBS Group upped their price target on MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a research note on Wednesday, May 22nd. Keefe, Bruyette & Woods upgraded shares of MGIC Investment from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $24.00 to $25.00 in a report on Monday, June 3rd. Roth Mkm boosted their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. BTIG Research boosted their price objective on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Barclays raised their target price on shares of MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $24.33.

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.