MGIC Investment Co. (NYSE:MTG) Stock Position Lowered by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lessened its position in MGIC Investment Co. (NYSE:MTGFree Report) by 1.7% during the first quarter, Holdings Channel reports. The institutional investor owned 1,686,802 shares of the insurance provider’s stock after selling 29,256 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in MGIC Investment were worth $37,717,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of MTG. Norges Bank bought a new stake in shares of MGIC Investment in the 4th quarter worth $62,047,000. NFC Investments LLC acquired a new position in shares of MGIC Investment in the 4th quarter worth $37,183,000. AQR Capital Management LLC grew its holdings in shares of MGIC Investment by 30.3% in the 3rd quarter. AQR Capital Management LLC now owns 4,233,477 shares of the insurance provider’s stock worth $70,657,000 after acquiring an additional 985,512 shares during the last quarter. FMR LLC grew its holdings in shares of MGIC Investment by 26.7% in the 3rd quarter. FMR LLC now owns 3,829,710 shares of the insurance provider’s stock worth $63,918,000 after acquiring an additional 807,637 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in shares of MGIC Investment by 33.6% in the 4th quarter. Allianz Asset Management GmbH now owns 3,008,255 shares of the insurance provider’s stock worth $58,029,000 after acquiring an additional 757,021 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MTG shares. UBS Group lifted their target price on MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a report on Wednesday, May 22nd. Keefe, Bruyette & Woods upgraded MGIC Investment from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $24.00 to $25.00 in a report on Monday, June 3rd. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, MGIC Investment has an average rating of “Hold” and a consensus price target of $21.83.

Get Our Latest Report on MTG

MGIC Investment Stock Up 0.6 %

Shares of MTG stock traded up $0.12 on Thursday, reaching $21.23. 1,709,210 shares of the company’s stock traded hands, compared to its average volume of 1,916,088. MGIC Investment Co. has a 12-month low of $15.19 and a 12-month high of $22.43. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $5.66 billion, a P/E ratio of 8.17, a price-to-earnings-growth ratio of 7.20 and a beta of 1.24. The business’s 50 day moving average price is $20.76 and its two-hundred day moving average price is $20.20.

MGIC Investment (NYSE:MTGGet Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. MGIC Investment had a return on equity of 15.00% and a net margin of 62.85%. The business had revenue of $294.40 million for the quarter, compared to the consensus estimate of $301.62 million. During the same quarter in the previous year, the company posted $0.54 earnings per share. MGIC Investment’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, equities analysts forecast that MGIC Investment Co. will post 2.52 earnings per share for the current year.

MGIC Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 21st. Investors of record on Thursday, May 9th were given a dividend of $0.115 per share. The ex-dividend date was Wednesday, May 8th. This represents a $0.46 dividend on an annualized basis and a yield of 2.17%. MGIC Investment’s payout ratio is 17.69%.

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 Stories

Want to see what other hedge funds are holding MTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGIC Investment Co. (NYSE:MTGFree Report).

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.