Waterloo Capital L.P. Boosts Position in MGIC Investment Co. (NYSE:MTG)

Waterloo Capital L.P. boosted its holdings in MGIC Investment Co. (NYSE:MTG) by 20.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 52,237 shares of the insurance provider’s stock after buying an additional 9,041 shares during the period. Waterloo Capital L.P.’s holdings in MGIC Investment were worth $1,126,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of MTG. Versant Capital Management Inc raised its stake in shares of MGIC Investment by 482.7% during the second 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 during the period. Quarry LP raised its stake 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 during the period. CWM LLC raised its stake in shares of MGIC Investment by 249.1% during the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 1,552 shares during the period. Fidelis Capital Partners LLC purchased a new stake in shares of MGIC Investment during the first quarter valued at approximately $50,000. Finally, Johnson Financial Group Inc. purchased a new stake in shares of MGIC Investment during the fourth quarter valued at approximately $59,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MTG shares. BTIG Research lifted their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Keefe, Bruyette & Woods upgraded shares of MGIC Investment from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $24.00 to $25.00 in a research note on Monday, June 3rd. Barclays lifted their price objective on shares of MGIC Investment from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. UBS Group lifted their price target on shares of MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 22nd. Finally, Roth Mkm lifted their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $24.33.

MGIC Investment Stock Performance

MGIC Investment stock opened at $25.42 on Thursday. The company has a market cap of $6.78 billion, a PE ratio of 9.78, a P/E/G ratio of 1.30 and a beta of 1.28. The company has a fifty day moving average price of $24.25 and a two-hundred day moving average price of $22.06. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.11. MGIC Investment Co. has a 12 month low of $16.30 and a 12 month high of $25.93.

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

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend was Thursday, August 8th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. MGIC Investment’s payout ratio is currently 20.00%.

MGIC Investment 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.