CX Institutional Buys Shares of 191,829 MGIC Investment Co. (NYSE:MTG)

CX Institutional purchased a new position in shares of MGIC Investment Co. (NYSE:MTG) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 191,829 shares of the insurance provider’s stock, valued at approximately $4,911,000. CX Institutional owned about 0.07% of MGIC Investment at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Exchange Traded Concepts LLC raised its position in shares of MGIC Investment by 4.0% during the 3rd quarter. Exchange Traded Concepts LLC now owns 113,962 shares of the insurance provider’s stock valued at $2,917,000 after acquiring an additional 4,408 shares during the last quarter. Burns Matteson Capital Management LLC acquired a new position in MGIC Investment in the third quarter valued at about $409,000. Ritholtz Wealth Management boosted its holdings in MGIC Investment by 15.6% during the third quarter. Ritholtz Wealth Management now owns 80,826 shares of the insurance provider’s stock worth $2,069,000 after buying an additional 10,894 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its stake in shares of MGIC Investment by 24.3% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 66,900 shares of the insurance provider’s stock valued at $1,712,000 after acquiring an additional 13,100 shares during the last quarter. Finally, CWM LLC raised its position in shares of MGIC Investment by 116.1% in the 3rd quarter. CWM LLC now owns 5,495 shares of the insurance provider’s stock valued at $141,000 after acquiring an additional 2,952 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Trading Up 0.4 %

NYSE MTG opened at $25.91 on Wednesday. MGIC Investment Co. has a 52 week low of $16.32 and a 52 week high of $26.27. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. The stock’s 50 day moving average price is $24.91 and its two-hundred day moving average price is $22.66. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of 9.97, a PEG ratio of 1.35 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last announced its earnings results 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 net margin of 63.19% and a return on equity of 14.97%. The business had revenue of $305.28 million during the quarter, compared to analysts’ expectations of $301.02 million. During the same quarter in the prior year, the company posted $0.68 earnings per share. The firm’s revenue was up 5.0% on a year-over-year basis. As a group, analysts anticipate that MGIC Investment Co. will post 2.76 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a $0.13 dividend. The ex-dividend date was Thursday, August 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.01%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. MGIC Investment’s payout ratio is currently 20.00%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MTG. BTIG Research lifted their price target on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Roth Mkm increased their price target on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Barclays increased their target price 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. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, MGIC Investment currently has an average rating of “Moderate Buy” and a consensus price target of $24.50.

MGIC Investment Company 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.