Clearbridge Investments LLC Decreases Holdings in MGIC Investment Co. (NYSE:MTG)

Clearbridge Investments LLC reduced its position in MGIC Investment Co. (NYSE:MTG) by 13.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,184,818 shares of the insurance provider’s stock after selling 823,224 shares during the quarter. Clearbridge Investments LLC owned about 1.94% of MGIC Investment worth $111,733,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MTG. Versant Capital Management Inc boosted its position in shares of MGIC Investment by 482.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 946 shares in the last quarter. Quarry LP raised its holdings in shares of MGIC Investment by 244.4% in the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after buying an additional 1,403 shares during the last quarter. CWM LLC grew its holdings 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 buying an additional 1,552 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in MGIC Investment in the 1st quarter worth $50,000. Finally, GAMMA Investing LLC lifted its position in MGIC Investment by 76.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock worth $66,000 after acquiring an additional 1,328 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Price Performance

MGIC Investment stock opened at $25.39 on Wednesday. The stock has a market capitalization of $6.77 billion, a P/E ratio of 9.77, a P/E/G ratio of 1.37 and a beta of 1.28. The company’s fifty day moving average price is $24.66 and its 200 day moving average price is $22.40. 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 1 year low of $16.30 and a 1 year high of $25.93.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.15. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The business had revenue of $305.28 million for 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 revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, equities research analysts anticipate that MGIC Investment Co. will post 2.76 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

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

Wall Street Analysts Forecast Growth

MTG has been the subject of a number of research reports. Barclays upped their price target on shares of MGIC Investment from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. BTIG Research upped their price objective on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Finally, Roth Mkm increased their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $24.33.

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.