Convergence Investment Partners LLC Raises Stock Position in MGIC Investment Co. (NYSE:MTG)

Convergence Investment Partners LLC lifted its position in shares of MGIC Investment Co. (NYSE:MTG) by 15.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,631 shares of the insurance provider’s stock after acquiring an additional 1,907 shares during the quarter. Convergence Investment Partners LLC’s holdings in MGIC Investment were worth $282,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of MTG. GAMMA Investing LLC purchased a new stake in MGIC Investment during the fourth quarter worth $30,000. Blue Trust Inc. grew its stake in MGIC Investment by 49.2% in the 4th quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider’s stock valued at $50,000 after acquiring an additional 849 shares during the last quarter. Planned Solutions Inc. purchased a new position in MGIC Investment during the 4th quarter valued at about $66,000. Janiczek Wealth Management LLC raised its position in MGIC Investment by 29.5% during the fourth quarter. Janiczek Wealth Management LLC now owns 5,572 shares of the insurance provider’s stock worth $107,000 after acquiring an additional 1,269 shares during the last quarter. Finally, USA Financial Formulas purchased a new stake in shares of MGIC Investment in the third quarter valued at about $100,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Up 0.6 %

Shares of MTG opened at $20.48 on Monday. MGIC Investment Co. has a fifty-two week low of $13.97 and a fifty-two week high of $22.43. The company’s fifty day moving average is $20.45 and its two-hundred day moving average is $19.15. The firm has a market cap of $5.52 billion, a PE ratio of 8.22, a price-to-earnings-growth ratio of 1.69 and a beta of 1.24. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, January 31st. The insurance provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.10. The business had revenue of $284.72 million for the quarter, compared to analyst estimates of $302.96 million. MGIC Investment had a return on equity of 14.82% and a net margin of 61.72%. Analysts forecast that MGIC Investment Co. will post 2.43 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 21st. Stockholders of record on Thursday, May 9th will be given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Wednesday, May 8th. MGIC Investment’s payout ratio is currently 18.47%.

Analyst Upgrades and Downgrades

MTG has been the topic of a number of recent research reports. Roth Mkm upped their target price on MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $24.00 price objective (up from $23.50) on shares of MGIC Investment in a research report on Thursday, April 4th. Finally, Royal Bank of Canada lifted their price objective on MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a research report on Friday, February 2nd. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $21.08.

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.