Ritholtz Wealth Management Grows Stock Position in MGIC Investment Co. (NYSE:MTG)

Ritholtz Wealth Management raised its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 13.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,428 shares of the insurance provider’s stock after acquiring an additional 7,688 shares during the quarter. Ritholtz Wealth Management’s holdings in MGIC Investment were worth $1,243,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of MTG. Lazard Asset Management LLC acquired a new position in MGIC Investment in the 1st quarter valued at $26,000. Industrial Alliance Investment Management Inc. lifted its position in shares of MGIC Investment by 374.0% during the fourth quarter. Industrial Alliance Investment Management Inc. now owns 3,925 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 3,097 shares in the last quarter. Planned Solutions Inc. purchased a new position in shares of MGIC Investment in the fourth quarter valued at $66,000. Bessemer Group Inc. grew its holdings in MGIC Investment by 26.4% during the 2nd quarter. Bessemer Group Inc. now owns 5,914 shares of the insurance provider’s stock valued at $94,000 after purchasing an additional 1,237 shares in the last quarter. Finally, USA Financial Formulas purchased a new stake in MGIC Investment during the 3rd quarter worth $100,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Wall Street Analysts Forecast Growth

MTG has been the topic of a number of analyst reports. Roth Mkm lifted their target price on MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. UBS Group initiated coverage on shares of MGIC Investment in a research report on Wednesday, December 6th. They issued a “neutral” rating and a $18.50 price target on the stock. Finally, Royal Bank of Canada upped their price target on shares of MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a research report on Friday, February 2nd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, MGIC Investment has a consensus rating of “Hold” and a consensus price target of $20.50.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $22.35 on Friday. The stock’s 50 day moving average price is $20.04 and its 200 day moving average price is $18.61. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market cap of $6.03 billion, a price-to-earnings ratio of 8.97, a PEG ratio of 1.82 and a beta of 1.23. MGIC Investment Co. has a 12 month low of $13.07 and a 12 month high of $22.43.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, January 31st. The insurance provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.10. MGIC Investment had a return on equity of 14.82% and a net margin of 61.72%. The business had revenue of $284.72 million during the quarter, compared to analyst estimates of $302.96 million. Equities research analysts anticipate that MGIC Investment Co. will post 2.43 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 5th. Investors of record on Thursday, February 15th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date was Wednesday, February 14th. MGIC Investment’s payout ratio is 18.47%.

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, 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.