Bowling Portfolio Management LLC Invests $498,000 in MGIC Investment Co. (NYSE:MTG)

Bowling Portfolio Management LLC purchased a new position in shares of MGIC Investment Co. (NYSE:MTGGet Rating) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 36,763 shares of the insurance provider’s stock, valued at approximately $498,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Nordea Investment Management AB raised its holdings in MGIC Investment by 1.6% during the first quarter. Nordea Investment Management AB now owns 525,044 shares of the insurance provider’s stock worth $7,324,000 after purchasing an additional 8,163 shares in the last quarter. Quent Capital LLC purchased a new position in MGIC Investment during the fourth quarter worth about $49,000. Westwood Holdings Group Inc. raised its holdings in MGIC Investment by 39.8% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,000,721 shares of the insurance provider’s stock worth $14,430,000 after purchasing an additional 285,015 shares in the last quarter. AlphaCentric Advisors LLC purchased a new position in MGIC Investment during the fourth quarter worth about $487,000. Finally, Cubist Systematic Strategies LLC raised its holdings in MGIC Investment by 4,045.1% during the fourth quarter. Cubist Systematic Strategies LLC now owns 340,151 shares of the insurance provider’s stock worth $4,905,000 after purchasing an additional 331,945 shares in the last quarter. 94.10% of the stock is owned by hedge funds and other institutional investors.

Shares of MGIC Investment stock opened at $11.66 on Thursday. MGIC Investment Co. has a 12-month low of $11.38 and a 12-month high of $16.84. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.20. The stock has a market cap of $3.61 billion, a PE ratio of 5.95, a price-to-earnings-growth ratio of 1.04 and a beta of 1.49. The company has a 50-day moving average of $13.20 and a two-hundred day moving average of $14.15.

MGIC Investment (NYSE:MTGGet Rating) last issued its earnings results on Wednesday, May 4th. The insurance provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. MGIC Investment had a net margin of 55.82% and a return on equity of 14.61%. The company had revenue of $294.60 million during the quarter, compared to analysts’ expectations of $292.28 million. During the same period last year, the company posted $0.42 earnings per share. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts forecast that MGIC Investment Co. will post 2.27 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 26th. Stockholders of record on Thursday, May 12th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, May 11th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.74%. MGIC Investment’s dividend payout ratio (DPR) is 16.33%.

MTG has been the subject of several analyst reports. StockNews.com raised shares of MGIC Investment from a “hold” rating to a “buy” rating in a report on Friday, May 13th. BTIG Research dropped their target price on shares of MGIC Investment from $18.00 to $17.00 in a report on Tuesday, April 12th. Three 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 company has a consensus rating of “Moderate Buy” and a consensus price target of $17.92.

MGIC Investment Profile (Get Rating)

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, 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.

See Also

Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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