First Eagle Investment Management LLC purchased a new position in shares of MGIC Investment Co. (NYSE:MTG – Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 470,282 shares of the insurance provider’s stock, valued at approximately $7,849,000. First Eagle Investment Management LLC owned approximately 0.17% of MGIC Investment as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of the stock. Beacon Pointe Advisors LLC increased its holdings in shares of MGIC Investment by 5.4% during the second quarter. Beacon Pointe Advisors LLC now owns 12,303 shares of the insurance provider’s stock worth $194,000 after buying an additional 633 shares in the last quarter. Avantax Planning Partners Inc. increased its holdings in MGIC Investment by 6.8% in the third quarter. Avantax Planning Partners Inc. now owns 11,543 shares of the insurance provider’s stock valued at $193,000 after purchasing an additional 734 shares during the period. Stifel Financial Corp increased its holdings in MGIC Investment by 5.3% in the first quarter. Stifel Financial Corp now owns 18,064 shares of the insurance provider’s stock valued at $242,000 after purchasing an additional 902 shares during the period. Captrust Financial Advisors increased its holdings in MGIC Investment by 6.6% in the third quarter. Captrust Financial Advisors now owns 17,046 shares of the insurance provider’s stock valued at $219,000 after purchasing an additional 1,060 shares during the period. Finally, Nations Financial Group Inc. IA ADV increased its holdings in MGIC Investment by 6.7% in the first quarter. Nations Financial Group Inc. IA ADV now owns 17,666 shares of the insurance provider’s stock valued at $237,000 after purchasing an additional 1,106 shares during the period. 93.41% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on the company. UBS Group assumed coverage on MGIC Investment in a report on Wednesday, December 6th. They issued a “neutral” rating and a $18.50 price objective for the company. Royal Bank of Canada increased their price objective on MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a report on Friday. Roth Mkm increased their price objective on MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a report on Friday. Finally, Barclays assumed coverage on MGIC Investment in a report on Wednesday, November 15th. They set an “equal weight” rating and a $19.00 price target for the company. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $20.50.
MGIC Investment Price Performance
MTG stock opened at $19.77 on Monday. The stock has a market capitalization of $5.48 billion, a PE ratio of 7.96, a price-to-earnings-growth ratio of 1.64 and a beta of 1.24. The company’s 50-day moving average is $19.05 and its 200-day moving average is $17.87. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.61 and a quick ratio of 0.63. MGIC Investment Co. has a 1 year low of $12.15 and a 1 year high of $20.26.
MGIC Investment Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 5th. Stockholders of record on Thursday, February 15th will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.33%. MGIC Investment’s dividend payout ratio (DPR) is presently 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.
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