Dimensional Fund Advisors LP lifted its stake in MGIC Investment Co. (NYSE:MTG – Free Report) by 9.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,247,455 shares of the insurance provider’s stock after buying an additional 1,181,011 shares during the quarter. Dimensional Fund Advisors LP owned about 4.69% of MGIC Investment worth $209,176,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently made changes to their positions in MTG. Lazard Asset Management LLC bought a new position in shares of MGIC Investment in the first quarter worth about $26,000. Industrial Alliance Investment Management Inc. raised its stake in shares of MGIC Investment by 374.0% in the fourth quarter. Industrial Alliance Investment Management Inc. now owns 3,925 shares of the insurance provider’s stock worth $51,000 after buying an additional 3,097 shares during the period. Bessemer Group Inc. bought a new stake in MGIC Investment during the 1st quarter valued at approximately $63,000. Spotlight Asset Group Inc. bought a new stake in MGIC Investment during the 2nd quarter valued at approximately $77,000. Finally, Covestor Ltd raised its stake in MGIC Investment by 84.1% during the 1st quarter. Covestor Ltd now owns 9,642 shares of the insurance provider’s stock valued at $131,000 after purchasing an additional 4,404 shares during the period. Institutional investors own 93.41% of the company’s stock.
Analyst Ratings Changes
Several analysts recently issued reports on MTG shares. Compass Point lifted their target price on MGIC Investment from $18.00 to $20.00 in a research note on Thursday, August 3rd. Barclays started coverage on MGIC Investment in a research note on Wednesday. They set an “equal weight” rating and a $19.00 target price on the stock. Royal Bank of Canada raised their price target on MGIC Investment from $17.00 to $18.00 and gave the company a “sector perform” rating in a report on Friday, August 4th. Finally, StockNews.com started coverage on MGIC Investment in a report on Thursday, October 5th. They set a “hold” rating for the company. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $19.00.
MGIC Investment Price Performance
Shares of MGIC Investment stock opened at $17.51 on Friday. The stock has a market cap of $4.86 billion, a price-to-earnings ratio of 7.09, a price-to-earnings-growth ratio of 1.44 and a beta of 1.29. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a 50 day moving average price of $17.15 and a 200-day moving average price of $16.49. MGIC Investment Co. has a one year low of $12.15 and a one year high of $18.25.
MGIC Investment (NYSE:MTG – Get Free Report) last announced its earnings results on Tuesday, October 31st. The insurance provider reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. The firm had revenue of $296.50 million during the quarter, compared to analysts’ expectations of $296.31 million. MGIC Investment had a return on equity of 15.28% and a net margin of 61.88%. The company’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.86 EPS. Equities analysts expect that MGIC Investment Co. will post 2.41 EPS for the current year.
MGIC Investment Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Thursday, November 9th will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Wednesday, November 8th. MGIC Investment’s dividend payout ratio (DPR) is 18.62%.
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, the District of Columbia, 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.
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