Foundry Partners LLC Increases Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Foundry Partners LLC increased its holdings in MGIC Investment Co. (NYSE:MTGFree Report) by 5.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 399,878 shares of the insurance provider’s stock after acquiring an additional 20,133 shares during the quarter. Foundry Partners LLC owned about 0.15% of MGIC Investment worth $8,617,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTG. Norges Bank purchased a new stake in MGIC Investment in the fourth quarter worth $62,047,000. NFC Investments LLC purchased a new position in MGIC Investment during the fourth quarter valued at $37,183,000. Jupiter Asset Management Ltd. lifted its position in MGIC Investment by 134.8% during the first quarter. Jupiter Asset Management Ltd. now owns 1,537,972 shares of the insurance provider’s stock valued at $34,389,000 after buying an additional 882,984 shares during the period. Allianz Asset Management GmbH lifted its position in MGIC Investment by 33.6% during the fourth quarter. Allianz Asset Management GmbH now owns 3,008,255 shares of the insurance provider’s stock valued at $58,029,000 after buying an additional 757,021 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in MGIC Investment by 4.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 14,412,645 shares of the insurance provider’s stock valued at $278,023,000 after buying an additional 553,155 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on MTG shares. Roth Mkm raised their price objective on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. UBS Group raised their price objective on MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a research report on Wednesday, May 22nd. Barclays raised their price objective on MGIC Investment from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Keefe, Bruyette & Woods raised MGIC Investment from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $24.00 to $25.00 in a research report on Monday, June 3rd. Finally, BTIG Research raised their price target on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, MGIC Investment currently has a consensus rating of “Hold” and a consensus target price of $24.33.

View Our Latest Analysis on MGIC Investment

MGIC Investment Stock Performance

NYSE MTG traded up $0.13 during trading hours on Friday, hitting $25.21. The company’s stock had a trading volume of 123,875 shares, compared to its average volume of 1,804,878. MGIC Investment Co. has a 12 month low of $16.30 and a 12 month high of $25.93. The company’s 50 day simple moving average is $23.63 and its two-hundred day simple moving average is $21.70. The company has a market cap of $6.72 billion, a P/E ratio of 9.65, a price-to-earnings-growth ratio of 1.35 and a beta of 1.28. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.11.

MGIC Investment (NYSE:MTGGet Free Report) last released its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.62 by $0.15. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The company had revenue of $305.28 million during the quarter, compared to the consensus estimate of $301.02 million. During the same period last year, the company earned $0.68 EPS. MGIC Investment’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, sell-side analysts expect that MGIC Investment Co. will post 2.76 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.06%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, August 8th. MGIC Investment’s dividend payout ratio (DPR) is presently 20.00%.

MGIC Investment Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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