Interval Partners LP Sells 340,066 Shares of MGIC Investment Co. (NYSE:MTG)

Interval Partners LP trimmed its position in shares of MGIC Investment Co. (NYSE:MTG) by 50.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 330,376 shares of the insurance provider’s stock after selling 340,066 shares during the quarter. Interval Partners LP’s holdings in MGIC Investment were worth $7,387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of MGIC Investment in the fourth quarter worth approximately $62,047,000. NFC Investments LLC purchased a new position in shares of MGIC Investment during the 4th quarter worth $37,183,000. Jupiter Asset Management Ltd. grew its position in shares of MGIC Investment by 134.8% during the 1st quarter. Jupiter Asset Management Ltd. now owns 1,537,972 shares of the insurance provider’s stock valued at $34,389,000 after acquiring an additional 882,984 shares during the period. Allianz Asset Management GmbH increased its stake in shares of MGIC Investment by 33.6% in the 4th quarter. Allianz Asset Management GmbH now owns 3,008,255 shares of the insurance provider’s stock worth $58,029,000 after purchasing an additional 757,021 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in MGIC Investment by 4.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 14,412,645 shares of the insurance provider’s stock worth $278,023,000 after purchasing an additional 553,155 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on MTG. UBS Group upped their price target on MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 22nd. Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $24.00 to $25.00 in a report on Monday, June 3rd. Finally, Barclays lifted their price target on shares of MGIC Investment from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, July 9th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, MGIC Investment has an average rating of “Hold” and an average target price of $22.17.

MGIC Investment Price Performance

MTG stock traded up $0.21 during midday trading on Tuesday, hitting $24.77. The company’s stock had a trading volume of 1,254,001 shares, compared to its average volume of 1,872,491. The firm has a market capitalization of $6.60 billion, a price-to-earnings ratio of 9.43, a price-to-earnings-growth ratio of 3.06 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.13. MGIC Investment Co. has a 12 month low of $16.30 and a 12 month high of $24.97. The company has a 50 day moving average of $21.72 and a two-hundred day moving average of $20.78.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.05. The company had revenue of $294.40 million during the quarter, compared to analysts’ expectations of $301.62 million. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. MGIC Investment’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period last year, the company posted $0.54 earnings per share. On average, analysts expect that MGIC Investment Co. will post 2.54 EPS for the current year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.10%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, August 8th. MGIC Investment’s dividend payout ratio is 17.69%.

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.