Belmont Capital LLC Reduces Stake in MGIC Investment Co. (NYSE:MTG)

Belmont Capital LLC cut its stake in shares of MGIC Investment Co. (NYSE:MTG) by 4.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,116 shares of the insurance provider’s stock after selling 644 shares during the period. Belmont Capital LLC’s holdings in MGIC Investment were worth $387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Versant Capital Management Inc increased its position in shares of MGIC Investment by 482.7% during 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 last quarter. Hara Capital LLC bought a new position in MGIC Investment during the third quarter valued at $25,000. V Square Quantitative Management LLC purchased a new stake in shares of MGIC Investment in the third quarter valued at $33,000. GAMMA Investing LLC lifted its holdings in shares of 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 during the last quarter. Finally, Covestor Ltd boosted its stake in shares of MGIC Investment by 65.5% during the 3rd quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock worth $87,000 after purchasing an additional 1,341 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Stock Down 0.4 %

Shares of NYSE:MTG opened at $24.80 on Tuesday. The business’s 50 day moving average is $25.18 and its 200 day moving average is $23.41. The stock has a market cap of $6.28 billion, a P/E ratio of 8.73, a price-to-earnings-growth ratio of 1.81 and a beta of 1.28. MGIC Investment Co. has a 52-week low of $17.31 and a 52-week high of $26.52. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11. The business had revenue of $306.65 million for the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 EPS. Sell-side analysts predict that MGIC Investment Co. will post 2.81 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 annualized dividend and a dividend yield of 2.10%. MGIC Investment’s dividend payout ratio is currently 18.31%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. BTIG Research increased their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. 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. Royal Bank of Canada cut their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Finally, Roth Mkm lifted their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.50.

About MGIC Investment

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.