New Mexico Educational Retirement Board increased its position in MGIC Investment Co. (NYSE:MTG – Free Report) by 10.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,800 shares of the insurance provider’s stock after acquiring an additional 5,100 shares during the period. New Mexico Educational Retirement Board’s holdings in MGIC Investment were worth $722,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of MTG. New York State Common Retirement Fund lifted its stake in shares of MGIC Investment by 2.0% in the 1st quarter. New York State Common Retirement Fund now owns 390,411 shares of the insurance provider’s stock worth $5,239,000 after purchasing an additional 7,743 shares during the period. LSV Asset Management raised its position in MGIC Investment by 4.9% in the first quarter. LSV Asset Management now owns 9,171,970 shares of the insurance provider’s stock worth $123,088,000 after acquiring an additional 428,307 shares during the period. Victory Capital Management Inc. boosted its stake in shares of MGIC Investment by 8.4% during the 1st quarter. Victory Capital Management Inc. now owns 3,026,411 shares of the insurance provider’s stock worth $40,614,000 after acquiring an additional 235,120 shares during the last quarter. Centric Wealth Management bought a new stake in shares of MGIC Investment during the 1st quarter valued at $1,281,000. Finally, Measured Wealth Private Client Group LLC increased its stake in shares of MGIC Investment by 143.5% in the 1st quarter. Measured Wealth Private Client Group LLC now owns 42,055 shares of the insurance provider’s stock worth $564,000 after purchasing an additional 24,782 shares in the last quarter. Hedge funds and other institutional investors own 95.24% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the company. Royal Bank of Canada cut MGIC Investment from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $17.00 to $15.70 in a research report on Thursday, July 6th. StockNews.com began coverage on shares of MGIC Investment in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Compass Point upgraded shares of MGIC Investment from a “neutral” rating to a “buy” rating and set a $18.00 price target for the company in a research report on Tuesday, April 11th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, MGIC Investment has an average rating of “Moderate Buy” and an average target price of $16.14.
MGIC Investment Stock Down 0.8 %
MGIC Investment (NYSE:MTG – Get Free Report) last announced its quarterly earnings data on Wednesday, May 3rd. The insurance provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The business had revenue of $284.00 million during the quarter, compared to the consensus estimate of $291.89 million. MGIC Investment had a net margin of 72.70% and a return on equity of 18.77%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 earnings per share. Analysts forecast that MGIC Investment Co. will post 2.24 earnings per share for the current fiscal year.
MGIC Investment Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th will be given a dividend of $0.115 per share. The ex-dividend date is Wednesday, August 9th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.10. This represents a $0.46 dividend on an annualized basis and a yield of 2.75%. MGIC Investment’s payout ratio is 14.39%.
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.
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