Brighton Jones LLC Lowers Position in MGIC Investment Co. (NYSE:MTG)

Brighton Jones LLC decreased its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 4.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,318 shares of the insurance provider’s stock after selling 2,400 shares during the quarter. Brighton Jones LLC’s holdings in MGIC Investment were worth $1,063,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MTG. Dimensional Fund Advisors LP grew its stake in MGIC Investment by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock worth $326,375,000 after buying an additional 556,859 shares in the last quarter. First Trust Advisors LP increased its stake in MGIC Investment by 3.6% in the fourth quarter. First Trust Advisors LP now owns 12,067,181 shares of the insurance provider’s stock valued at $232,776,000 after acquiring an additional 415,628 shares during the last quarter. LSV Asset Management increased its stake in MGIC Investment by 1.6% in the first quarter. LSV Asset Management now owns 10,983,325 shares of the insurance provider’s stock valued at $245,587,000 after acquiring an additional 174,609 shares during the last quarter. Clearbridge Investments LLC lifted its stake in MGIC Investment by 2.4% during the first quarter. Clearbridge Investments LLC now owns 6,008,042 shares of the insurance provider’s stock worth $134,340,000 after purchasing an additional 139,562 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of MGIC Investment by 1.5% in the 2nd quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock worth $73,167,000 after purchasing an additional 50,307 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Stock Down 1.3 %

Shares of MGIC Investment stock opened at $25.38 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. MGIC Investment Co. has a 52-week low of $16.30 and a 52-week high of $25.93. The company’s 50 day moving average price is $24.38 and its 200-day moving average price is $22.13. The stock has a market capitalization of $6.77 billion, a price-to-earnings ratio of 9.76, a P/E/G ratio of 1.30 and a beta of 1.28.

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

MGIC Investment Increases Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MTG. Roth Mkm raised their price objective on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $24.00 to $25.00 in a research note on Monday, June 3rd. BTIG Research upped 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. Finally, Barclays lifted their target price on shares of MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $24.33.

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.