Victory Capital Management Inc. lessened its stake in MGIC Investment Co. (NYSE:MTG – Get Rating) by 0.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,768,439 shares of the insurance provider’s stock after selling 24,483 shares during the period. Victory Capital Management Inc. owned approximately 0.88% of MGIC Investment worth $37,291,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in MTG. Duality Advisers LP purchased a new position in shares of MGIC Investment during the 4th quarter valued at $2,207,000. Nordea Investment Management AB increased its holdings in shares of MGIC Investment by 1.6% in the 1st quarter. Nordea Investment Management AB now owns 525,044 shares of the insurance provider’s stock worth $7,324,000 after buying an additional 8,163 shares during the last quarter. Baird Financial Group Inc. grew its holdings in MGIC Investment by 72.3% during the 4th quarter. Baird Financial Group Inc. now owns 24,612 shares of the insurance provider’s stock valued at $355,000 after purchasing an additional 10,328 shares during the last quarter. Gator Capital Management LLC bought a new position in MGIC Investment during the 4th quarter valued at about $2,021,000. Finally, AlphaCrest Capital Management LLC grew its holdings in MGIC Investment by 288.8% during the 4th quarter. AlphaCrest Capital Management LLC now owns 121,490 shares of the insurance provider’s stock valued at $1,752,000 after purchasing an additional 90,243 shares during the last quarter. Institutional investors own 94.10% of the company’s stock.
MGIC Investment Price Performance
Shares of MTG stock opened at $14.16 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.61 and a quick ratio of 0.61. The firm’s 50-day moving average is $13.14 and its two-hundred day moving average is $13.85. MGIC Investment Co. has a 12 month low of $11.38 and a 12 month high of $16.84. The company has a market capitalization of $4.38 billion, a PE ratio of 7.22, a price-to-earnings-growth ratio of 1.23 and a beta of 1.47.
MGIC Investment Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend is Wednesday, August 10th. This is a boost from MGIC Investment’s previous quarterly dividend of $0.08. MGIC Investment’s payout ratio is 16.33%.
Analyst Upgrades and Downgrades
MTG has been the topic of a number of research analyst reports. BTIG Research dropped their target price on shares of MGIC Investment from $18.00 to $17.00 in a research note on Tuesday, April 12th. StockNews.com cut shares of MGIC Investment from a “buy” rating to a “hold” rating in a research report on Wednesday, July 27th. Finally, Royal Bank of Canada upgraded shares of MGIC Investment from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $15.00 to $16.00 in a research note on Thursday, June 23rd. Three 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, MGIC Investment currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.92.
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, 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.
- Get a free copy of the StockNews.com research report on MGIC Investment (MTG)
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