Freedom Investment Management Inc. Sells 1,244 Shares of MGIC Investment Co. (NYSE:MTG)

Freedom Investment Management Inc. lessened its stake in MGIC Investment Co. (NYSE:MTG) by 12.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,693 shares of the insurance provider’s stock after selling 1,244 shares during the quarter. Freedom Investment Management Inc.’s holdings in MGIC Investment were worth $223,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. DekaBank Deutsche Girozentrale increased its holdings in shares of MGIC Investment by 24.9% in the first quarter. DekaBank Deutsche Girozentrale now owns 369,053 shares of the insurance provider’s stock valued at $8,132,000 after purchasing an additional 73,474 shares in the last quarter. GSA Capital Partners LLP raised its position in shares of MGIC Investment by 154.1% during the third quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider’s stock worth $2,476,000 after acquiring an additional 58,664 shares during the last quarter. Edgestream Partners L.P. raised its position in shares of MGIC Investment by 153.9% during the second quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider’s stock worth $5,279,000 after acquiring an additional 148,494 shares during the last quarter. Panagora Asset Management Inc. lifted its stake in shares of MGIC Investment by 14.8% during the second quarter. Panagora Asset Management Inc. now owns 505,155 shares of the insurance provider’s stock valued at $10,886,000 after acquiring an additional 65,315 shares during the period. Finally, Mackenzie Financial Corp boosted its holdings in 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 acquiring an additional 24,627 shares during the last quarter. 95.58% of the stock is owned by institutional investors.

MGIC Investment Price Performance

MTG opened at $26.26 on Monday. The stock has a market cap of $6.65 billion, a P/E ratio of 9.25, a P/E/G ratio of 1.88 and a beta of 1.28. MGIC Investment Co. has a 12 month low of $17.33 and a 12 month high of $26.56. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The company has a fifty day simple moving average of $25.26 and a 200 day simple moving average of $23.73.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share (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 the consensus estimate of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.64 earnings per share. On average, research analysts expect that MGIC Investment Co. will post 2.85 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.52 annualized dividend and a dividend yield of 1.98%. MGIC Investment’s dividend payout ratio is currently 18.31%.

Wall Street Analysts Forecast Growth

MTG has been the topic of a number of research reports. Royal Bank of Canada cut their target price on shares of 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. Barclays increased their price objective on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. Finally, BTIG Research lifted their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $25.50.

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.