Wedge Capital Management L L P NC Lowers Position in MGIC Investment Co. (NYSE:MTG)

Wedge Capital Management L L P NC decreased its stake in shares of MGIC Investment Co. (NYSE:MTG) by 9.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 85,755 shares of the insurance provider’s stock after selling 8,473 shares during the period. Wedge Capital Management L L P NC’s holdings in MGIC Investment were worth $2,195,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Versant Capital Management Inc boosted its holdings in MGIC Investment by 482.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 946 shares during the last quarter. Quarry LP lifted its position in shares of MGIC Investment by 244.4% during the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 1,403 shares in the last quarter. CWM LLC boosted its holdings in MGIC Investment by 249.1% during the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 1,552 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in MGIC Investment in the 1st quarter worth about $50,000. Finally, GAMMA Investing LLC increased its stake in MGIC Investment by 76.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock valued at $66,000 after buying an additional 1,328 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MTG. BTIG Research upped their target price on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Roth Mkm upped their price objective on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, Barclays lifted 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 equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.50.

MGIC Investment Stock Performance

Shares of MTG opened at $25.91 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $6.91 billion, a PE ratio of 9.97, a PEG ratio of 1.35 and a beta of 1.28. MGIC Investment Co. has a 1 year low of $16.32 and a 1 year high of $26.27. The stock’s fifty day moving average price is $24.91 and its two-hundred day moving average price is $22.66.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.15. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The firm had revenue of $305.28 million during the quarter, compared to analyst estimates of $301.02 million. During the same quarter last year, the business earned $0.68 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. On average, equities research analysts forecast that MGIC Investment Co. will post 2.76 EPS for the current year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were issued a $0.13 dividend. 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. The ex-dividend date was Thursday, August 8th. MGIC Investment’s dividend payout ratio is presently 20.00%.

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.