Meridian Investment Counsel Inc. Sells 1,500 Shares of MGIC Investment Co. (NYSE:MTG)

Meridian Investment Counsel Inc. decreased its position in MGIC Investment Co. (NYSE:MTG) by 2.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 74,000 shares of the insurance provider’s stock after selling 1,500 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in MGIC Investment were worth $1,894,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in MTG. Sei Investments Co. lifted its holdings in shares of MGIC Investment by 31.7% during the first quarter. Sei Investments Co. now owns 496,778 shares of the insurance provider’s stock worth $11,108,000 after buying an additional 119,476 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in MGIC Investment in the 1st quarter valued at about $298,000. State Board of Administration of Florida Retirement System grew its position in shares of MGIC Investment by 1.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 392,837 shares of the insurance provider’s stock worth $8,784,000 after purchasing an additional 6,573 shares in the last quarter. Kingsview Wealth Management LLC bought a new position in shares of MGIC Investment during the first quarter worth approximately $266,000. Finally, Ontario Teachers Pension Plan Board raised its position in shares of MGIC Investment by 76.7% in the first quarter. Ontario Teachers Pension Plan Board now owns 140,524 shares of the insurance provider’s stock valued at $3,142,000 after buying an additional 60,993 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Performance

Shares of MGIC Investment stock opened at $24.91 on Friday. The business has a 50-day moving average price of $25.18 and a two-hundred day moving average price of $23.37. MGIC Investment Co. has a 1-year low of $17.25 and a 1-year high of $26.52. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The company has a market cap of $6.31 billion, a P/E ratio of 8.77, a PEG ratio of 1.79 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last issued its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11. The business had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 earnings per share. As a group, analysts anticipate that MGIC Investment Co. will post 2.81 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.09%. The ex-dividend date is Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is currently 18.31%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Barclays increased their price target on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. BTIG Research lifted their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Roth Mkm raised their target price on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada decreased their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, MGIC Investment presently has an average rating of “Moderate Buy” and a consensus target price of $25.50.

About MGIC Investment

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.