MGIC Investment Co. (NYSE:MTG) Shares Sold by Fortem Financial Group LLC

Fortem Financial Group LLC cut its holdings in MGIC Investment Co. (NYSE:MTG) by 15.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,149 shares of the insurance provider’s stock after selling 11,298 shares during the quarter. Fortem Financial Group LLC’s holdings in MGIC Investment were worth $1,642,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. GSA Capital Partners LLP boosted its stake 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 valued at $2,476,000 after buying an additional 58,664 shares in the last quarter. Edgestream Partners L.P. boosted its stake in shares of MGIC Investment by 153.9% in the second quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider’s stock valued at $5,279,000 after buying an additional 148,494 shares in the last quarter. Hancock Whitney Corp purchased a new stake in shares of MGIC Investment in the third quarter valued at approximately $777,000. Panagora Asset Management Inc. boosted its stake in shares of MGIC Investment by 14.8% in the second quarter. Panagora Asset Management Inc. now owns 505,155 shares of the insurance provider’s stock valued at $10,886,000 after buying an additional 65,315 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of MGIC Investment by 2.9% in the second quarter. Mackenzie Financial Corp now owns 879,674 shares of the insurance provider’s stock valued at $18,957,000 after buying an additional 24,627 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Stock Performance

MGIC Investment stock opened at $24.57 on Wednesday. The firm has a market capitalization of $6.23 billion, a P/E ratio of 8.65, a PEG ratio of 1.82 and a beta of 1.27. The stock has a fifty day moving average price of $25.28 and a 200 day moving average price of $23.93. MGIC Investment Co. has a 52 week low of $18.04 and a 52 week 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 announced 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. The company had revenue of $306.65 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 earnings per share. Equities research analysts anticipate that MGIC Investment Co. will post 2.85 earnings per share for the current year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a $0.13 dividend. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.12%. MGIC Investment’s dividend payout ratio (DPR) is currently 18.31%.

Wall Street Analysts Forecast Growth

MTG has been the topic of a number of research analyst reports. Barclays boosted their target price on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $26.00 to $25.00 in a research report on Monday. Royal Bank of Canada decreased their target price on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $29.00 target price on shares of MGIC Investment in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, MGIC Investment has an average rating of “Hold” and a consensus price target of $26.00.

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.