Virtus Investment Advisers Inc. Raises Stock Position in MGIC Investment Co. (NYSE:MTG)

Virtus Investment Advisers Inc. lifted its position in shares of MGIC Investment Co. (NYSE:MTG) by 62.5% during the 3rd quarter, Holdings Channel.com reports. The fund owned 34,074 shares of the insurance provider’s stock after buying an additional 13,100 shares during the period. MGIC Investment makes up 0.7% of Virtus Investment Advisers Inc.’s holdings, making the stock its 28th largest holding. Virtus Investment Advisers Inc.’s holdings in MGIC Investment were worth $872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also modified their holdings of MTG. Dimensional Fund Advisors LP increased its position in shares of MGIC Investment by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock valued at $326,375,000 after buying an additional 556,859 shares in the last quarter. State Street Corp boosted its stake in shares of MGIC Investment by 0.8% during the 3rd quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock worth $232,767,000 after purchasing an additional 73,851 shares during the last quarter. American Century Companies Inc. raised its position in shares of MGIC Investment by 1.5% in the second quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock valued at $73,167,000 after buying an additional 50,307 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of MGIC Investment by 0.3% during the second quarter. Los Angeles Capital Management LLC now owns 1,438,727 shares of the insurance provider’s stock valued at $31,005,000 after buying an additional 4,602 shares during the period. Finally, Vest Financial LLC boosted its position in MGIC Investment by 3.7% during the third quarter. Vest Financial LLC now owns 1,113,258 shares of the insurance provider’s stock worth $28,499,000 after acquiring an additional 39,502 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Up 0.3 %

Shares of NYSE MTG opened at $25.70 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $6.51 billion, a PE ratio of 9.05, a P/E/G ratio of 1.85 and a beta of 1.27. The firm has a fifty day moving average of $25.30 and a 200-day moving average of $23.83. MGIC Investment Co. has a 52-week low of $17.42 and a 52-week high of $26.56.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.66 by $0.11. The company had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 earnings per share. On average, analysts anticipate that MGIC Investment Co. will post 2.85 EPS for the current year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 2.02%. MGIC Investment’s payout ratio is 18.31%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Royal Bank of Canada reduced their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Barclays increased their target price on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, MGIC Investment currently has an average rating of “Moderate Buy” and a consensus target price of $25.50.

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.