United Services Automobile Association Lowers Stock Position in MGIC Investment Co. (NYSE:MTG)

United Services Automobile Association reduced its position in shares of MGIC Investment Co. (NYSE:MTG) by 18.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,484 shares of the insurance provider’s stock after selling 4,013 shares during the period. United Services Automobile Association’s holdings in MGIC Investment were worth $448,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hara Capital LLC bought a new position in shares of MGIC Investment during the 3rd quarter worth approximately $25,000. V Square Quantitative Management LLC purchased a new stake in shares of MGIC Investment during the third quarter valued at approximately $33,000. Brooklyn Investment Group bought a new stake in MGIC Investment during the third quarter worth $69,000. Covestor Ltd boosted its position in MGIC Investment by 65.5% in the third 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 last quarter. Finally, Blue Trust Inc. grew its stake in MGIC Investment by 233.4% in the 2nd quarter. Blue Trust Inc. now owns 4,985 shares of the insurance provider’s stock valued at $111,000 after purchasing an additional 3,490 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MTG has been the topic of a number of recent analyst reports. Barclays lifted their target price 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 lowered their price objective on shares of 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. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.50.

MGIC Investment Stock Down 0.7 %

Shares of NYSE MTG opened at $25.52 on Monday. MGIC Investment Co. has a one year low of $17.42 and a one year high of $26.56. The business’s fifty day moving average price is $25.30 and its 200-day moving average price is $23.90. The stock has a market capitalization of $6.47 billion, a PE ratio of 8.99, a P/E/G ratio of 1.83 and a beta of 1.27. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25.

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

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were issued a dividend of $0.13 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 2.04%. MGIC Investment’s payout ratio is 18.31%.

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.