Allspring Global Investments Holdings LLC raised its position in shares of MGIC Investment Co. (NYSE:MTG – Get Rating) by 181.4% in the third quarter, Holdings Channel.com reports. The fund owned 91,631 shares of the insurance provider’s stock after acquiring an additional 59,070 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in MGIC Investment were worth $1,174,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the company. Lazard Asset Management LLC acquired a new stake in shares of MGIC Investment in the first quarter valued at approximately $26,000. Wipfli Financial Advisors LLC acquired a new stake in shares of MGIC Investment in the third quarter valued at approximately $62,000. M&T Bank Corp acquired a new stake in shares of MGIC Investment in the second quarter valued at approximately $76,000. Janiczek Wealth Management LLC increased its holdings in shares of MGIC Investment by 71.5% in the third quarter. Janiczek Wealth Management LLC now owns 8,374 shares of the insurance provider’s stock valued at $105,000 after purchasing an additional 3,491 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC purchased a new position in MGIC Investment in the second quarter worth approximately $112,000. Institutional investors and hedge funds own 96.95% of the company’s stock.
MGIC Investment Trading Up 0.7 %
NYSE:MTG opened at $13.72 on Friday. The firm has a market cap of $4.08 billion, a PE ratio of 5.14, a price-to-earnings-growth ratio of 1.16 and a beta of 1.36. The stock has a fifty day moving average price of $13.16 and a 200 day moving average price of $13.54. MGIC Investment Co. has a 12-month low of $11.38 and a 12-month high of $16.41. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.15.
MGIC Investment Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 23rd. Shareholders of record on Thursday, November 10th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend was Wednesday, November 9th. MGIC Investment’s dividend payout ratio is presently 14.98%.
Analyst Ratings Changes
MTG has been the subject of several analyst reports. Credit Suisse Group lowered their price objective on MGIC Investment to $15.00 in a research report on Thursday, October 13th. Compass Point lowered MGIC Investment from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $19.00 to $14.50 in a research report on Tuesday, November 8th. Barclays lowered MGIC Investment from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $16.00 to $14.00 in a research report on Friday, January 6th. Finally, StockNews.com began coverage on MGIC Investment in a research report on Wednesday, October 12th. They issued a “buy” rating for the company. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.75.
About MGIC Investment
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.
- Get a free copy of the StockNews.com research report on MGIC Investment (MTG)
- MarketBeat Week in Review – 1/16 – 1/20
- Does Old Dominion Show That Trucking Is Hitting The Brakes?
- Nordstrom Puts Fear Of Markdowns Into Retail Sector
- Exxon Mobil Stock: Within Striking Distance Of Buy Point
- High-Dividend-Yielding BHP Sees China Driving ’23 Growth
Receive News & Ratings for MGIC Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGIC Investment and related companies with MarketBeat.com's FREE daily email newsletter.