Wedge Capital Management LLP NC has increased its stakes in MGIC Investment Co. (NYSE: MTG – Get Rating) by 23.4% in the first quarter, according to HoldingsChannel.com. The company owned 16,414 shares of the insurer’s shares after acquiring an additional 3,112 shares during the quarter. MGIC Investment’s Wedge Capital Management LLP NC held $ 222,000 at the end of the last quarter.
Other hedge funds and other institutional investors have also changed their holdings in the company. Qent Capital LLC acquired a new stake in MGIC Investment in the 4th quarter worth approximately $ 49,000. Point72 Hong Kong Ltd acquired a new stake in MGIC Investment in the 4th quarter worth $ 71,000. Covestor Ltd bought a new stake in MGIC Investment in the 4th quarter worth $ 76,000. Colony Group LLC raised its stake in MGIC Investment by 20.5% in the third quarter. Colony Group LLC now owns 13,279 shares of the insurer’s shares worth $ 199,000 after purchasing an additional 2,261 shares during the period. Finally, Captrust Financial Advisors increased its position in MGIC Investment shares by 8.2% in the third quarter. Captrust Financial Advisors already owns 15,034 shares of the insurance provider’s shares worth $ 225,000 after purchasing an additional 1,133 shares in the last quarter. 94.10% of the shares are currently owned by institutional investors.
Several stock analysts weighed the company. StockNews.com upgraded MGIC Investment from a “hold” to a “buy” rating in a research note on Friday (May 13th). Royal Bank of Canada raised shares of MGIC Investment from a “performance” rating to a “superior” rating and raised its target price for the company from $ 15.00 to $ 16.00 in a research report on Thursday. Finally, BTIG Research lowered its MGIC Investment share price target from $ 18.00 to $ 17.00 in a report on Tuesday, April 12. Two research analysts rated the shares with a retention rating, and four gave the company a rating to buy. According to MarketBeat, the shares have a consensus rating of “Moderate buying” and a consensus target for a price of $ 17.92.
The NYSE MTG opened at $ 12.75 on Friday. MGIC Investment Co. has a one-year low of $ 11.38 and a one-year high of $ 16.84. The company has a debt to equity ratio of 0.20, a current ratio of 0.61 and a fast ratio of 0.61. The company has a market capitalization of $ 3.95 billion, a P / E ratio of 6.51, a P / E / G ratio of 1.10 and a beta ratio of 1.49. The 50-day moving average of the stock is $ 13.16, and its 200-day moving average is $ 14.12.
MGIC Investment (NYSE: MTG – Get Rating) last announced its earnings results on Wednesday, May 4th. The insurance provider reported $ 0.60 EPS for the quarter, beating the consensus estimate of $ 0.58 by $ 0.02. The company had revenue of $ 294.60 million for the quarter, compared to the consensus estimate of $ 292.28 million. MGIC Investment had a net margin of 55.82% and a return on equity of 14.61%. Quarterly business revenues decreased by 1.1% on an annual basis. During the same period last year, the company reported $ 0.42 EPS. Stock analysts expect MGIC Investment Co. will report 2.27 EPS for the current year.
The business also recently unveiled a three-month dividend that was paid on Thursday (May 26th). The record investors on Thursday, May 12, received a dividend of $ 0.08. The date of the former dividend was Wednesday, May 11. This represents a $ 0.32 annual dividend and a yield of 2.51%. MGIC Investment’s dividend payout ratio is currently 16.33%.
About MGIC Investment (Get a rating)
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage risk management solutions and additional services to lenders and government-sponsored organizations in the United States, Puerto Rico and Guam. The company offers primary mortgage insurance, which provides protection against default on mortgage loans on individual loans, as well as covers unpaid principal on the loan, overdue interest and various costs associated with default and subsequent foreclosure.
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