Covestor Ltd Has $87,000 Position in MGIC Investment Co. (NYSE:MTG)

Covestor Ltd lifted its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 65.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 3,387 shares of the insurance provider’s stock after purchasing an additional 1,341 shares during the period. Covestor Ltd’s holdings in MGIC Investment were worth $87,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Versant Capital Management Inc grew 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. Hara Capital LLC acquired a new position in shares of MGIC Investment during the third quarter worth approximately $25,000. V Square Quantitative Management LLC bought a new stake in shares of MGIC Investment during the third quarter valued at approximately $33,000. GAMMA Investing LLC increased its holdings in shares of MGIC Investment by 76.2% in the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock valued at $66,000 after purchasing an additional 1,328 shares in the last quarter. Finally, Blue Trust Inc. raised its position in MGIC Investment by 233.4% in the 2nd quarter. Blue Trust Inc. now owns 4,985 shares of the insurance provider’s stock worth $111,000 after purchasing an additional 3,490 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MTG shares. BTIG Research lifted their target price on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Royal Bank of Canada lowered their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Roth Mkm boosted their price objective 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 raised their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.50.

MGIC Investment Stock Down 1.0 %

NYSE:MTG opened at $24.69 on Thursday. The company has a market cap of $6.26 billion, a PE ratio of 8.76, a PEG ratio of 1.81 and a beta of 1.28. The stock has a 50-day simple moving average of $25.21 and a 200 day simple moving average of $23.32. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25. MGIC Investment Co. has a 52-week low of $17.25 and a 52-week high of $26.52.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.11. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The company had revenue of $306.65 million during the quarter, compared to analysts’ expectations of $306.03 million. During the same quarter last year, the company earned $0.64 EPS. MGIC Investment’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, sell-side analysts expect that MGIC Investment Co. will post 2.81 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 2.11%. MGIC Investment’s payout ratio is 18.31%.

About MGIC Investment

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.