United Services Automobile Association Sells 4,013 Shares of MGIC Investment Co. (NYSE:MTG)

United Services Automobile Association lowered its position in shares of MGIC Investment Co. (NYSE:MTG) by 18.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. 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 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of MTG. GSA Capital Partners LLP increased its holdings in shares of MGIC Investment by 154.1% in the third quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider’s stock worth $2,476,000 after purchasing an additional 58,664 shares during the period. Edgestream Partners L.P. grew its position in MGIC Investment by 153.9% during the second quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider’s stock worth $5,279,000 after buying an additional 148,494 shares in the last quarter. Hancock Whitney Corp purchased a new position in MGIC Investment during the third quarter worth about $777,000. Panagora Asset Management Inc. increased its stake in MGIC Investment by 14.8% in the 2nd quarter. Panagora Asset Management Inc. now owns 505,155 shares of the insurance provider’s stock worth $10,886,000 after acquiring an additional 65,315 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of MGIC Investment by 2.9% in the 2nd quarter. Mackenzie Financial Corp now owns 879,674 shares of the insurance provider’s stock valued at $18,957,000 after acquiring an additional 24,627 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on MTG shares. Barclays boosted their price objective on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Royal Bank of Canada cut their price target on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $25.50.

MGIC Investment Stock Performance

Shares of NYSE MTG opened at $25.52 on Monday. The stock’s 50-day moving average is $25.30 and its 200 day moving average is $23.90. The stock has a market cap of $6.47 billion, a price-to-earnings ratio of 8.99, a P/E/G ratio of 1.83 and a beta of 1.27. MGIC Investment Co. has a 1-year low of $17.42 and a 1-year high of $26.56. The company has a current ratio of 1.25, a quick 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 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $306.03 million. During the same period last year, the firm posted $0.64 earnings per share. The business’s revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts anticipate that MGIC Investment Co. will post 2.85 EPS for the current fiscal year.

MGIC Investment Announces Dividend

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