M&T Bank Corp purchased a new position in shares of MGIC Investment Co. (NYSE:MTG – Get Rating) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 18,703 shares of the insurance provider’s stock, valued at approximately $76,000.
Several other hedge funds have also added to or reduced their stakes in MTG. Lazard Asset Management LLC acquired a new position in MGIC Investment in the 1st quarter valued at $26,000. Meeder Asset Management Inc. raised its holdings in MGIC Investment by 87,240.0% in the 1st quarter. Meeder Asset Management Inc. now owns 4,367 shares of the insurance provider’s stock valued at $59,000 after acquiring an additional 4,362 shares in the last quarter. JJJ Advisors Inc. raised its holdings in MGIC Investment by 122.7% in the 1st quarter. JJJ Advisors Inc. now owns 7,778 shares of the insurance provider’s stock valued at $105,000 after acquiring an additional 4,285 shares in the last quarter. Van ECK Associates Corp raised its holdings in MGIC Investment by 15.9% in the 1st quarter. Van ECK Associates Corp now owns 8,097 shares of the insurance provider’s stock valued at $110,000 after acquiring an additional 1,112 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC bought a new position in shares of MGIC Investment in the 2nd quarter valued at $112,000. 97.63% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on MTG. Bank of America upgraded MGIC Investment from a “neutral” rating to a “buy” rating and set a $18.00 price target on the stock in a research note on Thursday, August 18th. Credit Suisse Group decreased their price target on MGIC Investment to $15.00 in a research note on Thursday, October 13th. Compass Point lowered MGIC Investment from a “buy” rating to a “neutral” rating and decreased their price target for the company from $19.00 to $14.50 in a research note on Tuesday, November 8th. Barclays decreased their price target on MGIC Investment from $23.00 to $16.00 and set an “overweight” rating on the stock in a research note on Thursday, October 13th. Finally, StockNews.com began coverage on MGIC Investment in a research note on Wednesday, October 12th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.08.
MGIC Investment Trading Up 0.9 %
MGIC Investment Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 23rd. Investors of record on Thursday, November 10th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, November 9th. This represents a $0.40 dividend on an annualized basis and a yield of 3.01%. MGIC Investment’s dividend payout ratio is currently 14.98%.
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, 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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