Bessemer Group Inc. Invests $63,000 in MGIC Investment Co. (NYSE:MTG)

Posted by on Aug 27th, 2023

Bessemer Group Inc. purchased a new stake in shares of MGIC Investment Co. (NYSE:MTG – Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 4,677 shares of the insurance provider’s stock, valued at approximately $63,000.

Other large investors have also recently bought and sold shares of the company. Lazard Asset Management LLC acquired a new position in MGIC Investment during the first quarter valued at $26,000. Belpointe Asset Management LLC acquired a new position in MGIC Investment in the 4th quarter worth about $33,000. Lakewood Asset Management LLC acquired a new position in MGIC Investment in the 4th quarter worth about $34,000. Ronald Blue Trust Inc. increased its position in MGIC Investment by 253.8% in the 1st quarter. Ronald Blue Trust Inc. now owns 3,043 shares of the insurance provider’s stock worth $40,000 after purchasing an additional 2,183 shares during the last quarter. Finally, IFP Advisors Inc boosted its stake in shares of MGIC Investment by 39.2% during the 4th quarter. IFP Advisors Inc now owns 3,786 shares of the insurance provider’s stock worth $41,000 after acquiring an additional 1,067 shares in the last quarter. 95.24% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Stock Up 0.9 %

NYSE MTG opened at $17.33 on Friday. The stock has a fifty day moving average of $16.55 and a 200-day moving average of $15.01. The stock has a market capitalization of $4.89 billion, a P/E ratio of 6.56, a price-to-earnings-growth ratio of 1.45 and a beta of 1.31. MGIC Investment Co. has a 52 week low of $12.13 and a 52 week high of $18.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.66 and a current ratio of 0.66.

MGIC Investment (NYSE:MTG – Get Free Report) last posted its quarterly earnings results on Wednesday, August 2nd. The insurance provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.13. MGIC Investment had a return on equity of 17.26% and a net margin of 67.83%. The business had revenue of $290.70 million for the quarter, compared to analyst estimates of $292.51 million. During the same period last year, the company earned $0.81 EPS. The firm’s revenue was down .8% on a year-over-year basis. On average, equities research analysts forecast that MGIC Investment Co. will post 2.36 EPS for the current year.

MGIC Investment Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 2.65%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.10. The ex-dividend date was Wednesday, August 9th. MGIC Investment’s payout ratio is presently 17.42%.

Analysts Set New Price Targets

Several research firms have recently issued reports on MTG. Royal Bank of Canada upped their price target on MGIC Investment from $17.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Friday, August 4th. Compass Point raised their target price on MGIC Investment from $18.00 to $20.00 in a report on Thursday, August 3rd. Finally, StockNews.com started coverage on MGIC Investment in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $16.75.

View Our Latest Research Report on MTG

About MGIC Investment

(Free Report)

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.

Featured Articles

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

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.