Foster & Motley Inc. Raises Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Foster & Motley Inc. boosted its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 2.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 220,805 shares of the insurance provider’s stock after purchasing an additional 4,516 shares during the quarter. Foster & Motley Inc. owned approximately 0.09% of MGIC Investment worth $5,653,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MTG. State of Alaska Department of Revenue grew its position in shares of MGIC Investment by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock worth $3,858,000 after buying an additional 540 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its position in shares of MGIC Investment by 1.6% in the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 35,306 shares of the insurance provider’s stock worth $761,000 after purchasing an additional 565 shares during the last quarter. Fortem Financial Group LLC raised its stake in shares of MGIC Investment by 1.0% in the 2nd quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider’s stock valued at $1,626,000 after purchasing an additional 747 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of MGIC Investment by 482.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 946 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its position in shares of MGIC Investment by 7.7% during the second quarter. QRG Capital Management Inc. now owns 15,152 shares of the insurance provider’s stock worth $327,000 after purchasing an additional 1,081 shares during the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on MTG shares. Barclays boosted their price objective on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. Roth Mkm boosted their price target on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, BTIG Research increased their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.

MGIC Investment Stock Performance

Shares of MTG opened at $24.70 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. MGIC Investment Co. has a 1 year low of $17.25 and a 1 year high of $26.52. The firm has a fifty day moving average of $25.26 and a 200-day moving average of $23.16. The company has a market cap of $6.40 billion, a price-to-earnings ratio of 8.79, a price-to-earnings-growth ratio of 1.25 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last posted its 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 63.19% and a return on equity of 14.97%. The firm had revenue of $306.65 million during the quarter, compared to analysts’ expectations of $306.03 million. During the same quarter in the prior year, the firm earned $0.64 EPS. MGIC Investment’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, equities analysts anticipate that MGIC Investment Co. will post 2.76 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm 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 $0.13 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 annualized dividend and a dividend yield of 2.11%. MGIC Investment’s payout ratio is 19.19%.

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.