Verition Fund Management LLC Acquires 11,046 Shares of MGIC Investment Co. (NYSE:MTG)

Verition Fund Management LLC lifted its holdings in MGIC Investment Co. (NYSE:MTG) by 96.4% in the third quarter, HoldingsChannel reports. The fund owned 22,500 shares of the insurance provider’s stock after buying an additional 11,046 shares during the period. Verition Fund Management LLC’s holdings in MGIC Investment were worth $576,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in MGIC Investment by 9.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,168 shares of the insurance provider’s stock worth $1,796,000 after purchasing an additional 6,138 shares during the last quarter. Bridgewater Associates LP bought a new stake in shares of MGIC Investment in the 3rd quarter valued at about $774,000. BNP Paribas Financial Markets boosted its holdings in MGIC Investment by 26.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 307,547 shares of the insurance provider’s stock valued at $7,873,000 after acquiring an additional 63,473 shares during the period. Brooklyn Investment Group bought a new position in MGIC Investment during the 3rd quarter worth approximately $69,000. Finally, Hancock Whitney Corp purchased a new position in MGIC Investment in the 3rd quarter worth approximately $777,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $29.00 target price on shares of MGIC Investment in a report on Tuesday. Royal Bank of Canada decreased their price objective 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 target price on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Finally, Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and reduced their price target for the company from $26.00 to $25.00 in a report on Monday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $26.00.

MGIC Investment Stock Down 0.2 %

MTG stock opened at $24.57 on Wednesday. MGIC Investment Co. has a fifty-two week low of $18.04 and a fifty-two week high of $26.56. The company has a market capitalization of $6.23 billion, a price-to-earnings ratio of 8.65, a price-to-earnings-growth ratio of 1.82 and a beta of 1.27. The business’s 50 day moving average price is $25.28 and its two-hundred day moving average price is $23.93. 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 (NYSE:MTG) last posted its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The business had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. During the same quarter in the prior year, the company earned $0.64 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, analysts forecast that MGIC Investment Co. will post 2.85 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date was Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

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.