Comerica Bank Has $1.75 Million Stake in MGIC Investment Co. (NYSE:MTG)

Comerica Bank decreased its position in MGIC Investment Co. (NYSE:MTGGet Rating) by 5.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 137,560 shares of the insurance provider’s stock after selling 7,662 shares during the period. Comerica Bank’s holdings in MGIC Investment were worth $1,747,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MTG. Lazard Asset Management LLC acquired a new position in shares of MGIC Investment in the 1st quarter valued at about $26,000. Wipfli Financial Advisors LLC acquired a new position in MGIC Investment in the third quarter valued at approximately $62,000. M&T Bank Corp acquired a new position in MGIC Investment in the second quarter valued at approximately $76,000. Janiczek Wealth Management LLC lifted its position in shares of MGIC Investment by 71.5% during the 3rd quarter. Janiczek Wealth Management LLC now owns 8,374 shares of the insurance provider’s stock valued at $105,000 after acquiring an additional 3,491 shares during the period. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of MGIC Investment during the 2nd quarter valued at $112,000. Institutional investors and hedge funds own 96.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on MTG shares. Compass Point downgraded shares of MGIC Investment from a “buy” rating to a “neutral” rating and dropped their target price for the company from $19.00 to $14.50 in a research report on Tuesday, November 8th. Barclays downgraded MGIC Investment from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $16.00 to $14.00 in a research note on Friday, January 6th. Credit Suisse Group dropped their price target on MGIC Investment to $15.00 in a research note on Thursday, October 13th. Finally, assumed coverage on MGIC Investment in a research report on Wednesday, October 12th. They set a “buy” rating on the stock. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, MGIC Investment currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.75.

MGIC Investment Trading Up 0.7 %

MTG opened at $13.72 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.50 and a quick ratio of 0.50. MGIC Investment Co. has a fifty-two week low of $11.38 and a fifty-two week high of $16.41. The firm has a market capitalization of $4.08 billion, a PE ratio of 5.14, a P/E/G ratio of 1.16 and a beta of 1.36. The company’s 50-day moving average is $13.16 and its 200 day moving average is $13.54.

MGIC Investment (NYSE:MTGGet Rating) last issued its quarterly earnings data on Wednesday, November 2nd. The insurance provider reported $0.86 EPS for the quarter, topping the consensus estimate of $0.55 by $0.31. The firm had revenue of $296.06 million during the quarter, compared to the consensus estimate of $322.19 million. MGIC Investment had a return on equity of 19.66% and a net margin of 72.18%. As a group, research analysts predict that MGIC Investment Co. will post 2.86 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 23rd. Investors of record on Thursday, November 10th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date was Wednesday, November 9th. MGIC Investment’s payout ratio is currently 14.98%.

MGIC Investment Profile

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MGIC Investment Corp. is a private mortgage insurer that serves lenders throughout the United States, and Puerto Rico. It also provides lenders with underwriting and other services and products related to home mortgage lending through its subsidiaries, such as Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp.

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

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