MGIC Investment Co. (NYSE:MTG) Short Interest Up 17.8% in February

MGIC Investment Co. (NYSE:MTG) was the recipient of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 11,660,000 shares, an increase of 17.8% from the February 13th total of 9,900,000 shares. Based on an average daily trading volume, of 1,710,000 shares, the days-to-cover ratio is currently 6.8 days. Approximately 4.9% of the shares of the stock are short sold.

Analysts Set New Price Targets

MTG has been the subject of a number of research reports. Compass Point reiterated a “neutral” rating and set a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Barclays increased their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and reduced their target price for the company from $26.00 to $25.00 in a report on Monday, December 9th. UBS Group raised their price objective on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods decreased their target price on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $26.75.

Insider Buying and Selling at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $24.55, for a total value of $112,930.00. Following the completion of the transaction, the chief accounting officer now directly owns 75,070 shares in the company, valued at approximately $1,842,968.50. This represents a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.05% of the stock is owned by insiders.

Hedge Funds Weigh In On MGIC Investment

Institutional investors and hedge funds have recently bought and sold shares of the stock. UMB Bank n.a. raised its stake in shares of MGIC Investment by 131.9% in the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock worth $39,000 after buying an additional 938 shares in the last quarter. Venturi Wealth Management LLC raised its position in MGIC Investment by 102.1% in the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 918 shares in the last quarter. V Square Quantitative Management LLC lifted its holdings in MGIC Investment by 61.9% in the 4th quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock valued at $49,000 after acquiring an additional 794 shares during the last quarter. Physician Wealth Advisors Inc. acquired a new position in shares of MGIC Investment in the 4th quarter worth approximately $54,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of MGIC Investment by 21.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock worth $55,000 after purchasing an additional 419 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Performance

Shares of MGIC Investment stock traded up $0.22 during trading on Thursday, hitting $23.63. 800,063 shares of the stock were exchanged, compared to its average volume of 1,885,372. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. MGIC Investment has a 12 month low of $19.26 and a 12 month high of $26.56. The stock’s fifty day moving average is $24.27 and its 200 day moving average is $24.71. The stock has a market cap of $5.73 billion, a PE ratio of 8.15 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. As a group, sell-side analysts anticipate that MGIC Investment will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Tuesday, February 18th. MGIC Investment’s dividend payout ratio (DPR) is 17.93%.

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.