Belmont Capital LLC Sells 644 Shares of MGIC Investment Co. (NYSE:MTG)

Belmont Capital LLC lowered its stake in shares of MGIC Investment Co. (NYSE:MTG) by 4.1% during the third quarter, Holdings Channel.com reports. The firm owned 15,116 shares of the insurance provider’s stock after selling 644 shares during the quarter. Belmont Capital LLC’s holdings in MGIC Investment were worth $387,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MTG. Lindenwold Advisors INC lifted its position in shares of MGIC Investment by 3.7% during the third quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock valued at $425,000 after buying an additional 592 shares during the last quarter. Quest Partners LLC raised its stake in shares of MGIC Investment by 1,210.4% during the 3rd quarter. Quest Partners LLC now owns 118,818 shares of the insurance provider’s stock worth $3,042,000 after acquiring an additional 109,751 shares in the last quarter. Natixis Advisors LLC lifted its position in MGIC Investment by 38.2% during the third quarter. Natixis Advisors LLC now owns 152,404 shares of the insurance provider’s stock valued at $3,902,000 after acquiring an additional 42,088 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in MGIC Investment in the third quarter valued at approximately $202,000. Finally, KBC Group NV grew its holdings in MGIC Investment by 16.4% in the third quarter. KBC Group NV now owns 7,386 shares of the insurance provider’s stock worth $189,000 after purchasing an additional 1,043 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on MTG shares. Royal Bank of Canada decreased their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. BTIG Research increased their price target on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Barclays boosted 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. Finally, Roth Mkm increased their price objective on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.50.

MGIC Investment Price Performance

Shares of MTG opened at $24.80 on Tuesday. The firm has a fifty day moving average price of $25.18 and a 200 day moving average price of $23.41. The stock has a market cap of $6.28 billion, a PE ratio of 8.73, a price-to-earnings-growth ratio of 1.81 and a beta of 1.28. MGIC Investment Co. has a 1-year low of $17.31 and a 1-year high of $26.52. 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 posted its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.66 by $0.11. The firm had revenue of $306.65 million during 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 firm’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.64 EPS. As a group, sell-side analysts anticipate that MGIC Investment Co. will post 2.81 EPS for the current year.

MGIC Investment Dividend Announcement

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

MGIC Investment 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.