MGIC Investment Co. (NYSE:MTG) Holdings Trimmed by Ellenbecker Investment Group

Ellenbecker Investment Group decreased its stake in MGIC Investment Co. (NYSE:MTG) by 43.8% in the third quarter, HoldingsChannel reports. The firm owned 11,885 shares of the insurance provider’s stock after selling 9,274 shares during the period. Ellenbecker Investment Group’s holdings in MGIC Investment were worth $304,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MTG. Versant Capital Management Inc boosted its position in shares of MGIC Investment by 482.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 946 shares during the period. CWM LLC boosted its position in shares of MGIC Investment by 249.1% in the 1st quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 1,552 shares during the period. Fidelis Capital Partners LLC purchased a new stake in MGIC Investment in the 1st quarter worth about $50,000. GAMMA Investing LLC lifted its stake in MGIC Investment by 76.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock worth $66,000 after acquiring an additional 1,328 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in MGIC Investment by 600.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 4,200 shares of the insurance provider’s stock worth $94,000 after acquiring an additional 3,600 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $26.28 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $7.01 billion, a PE ratio of 10.15, a PEG ratio of 1.35 and a beta of 1.28. MGIC Investment Co. has a 1-year low of $16.32 and a 1-year high of $26.52. The business’s 50 day moving average is $25.02 and its 200-day moving average is $22.71.

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

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a $0.13 dividend. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, August 8th. This represents a $0.52 annualized dividend and a yield of 1.98%. MGIC Investment’s payout ratio is presently 20.00%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MTG. Barclays raised their price target on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Roth Mkm raised their target price on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, BTIG Research raised their target price on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.50.

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.