Tidal Investments LLC cut its stake in MGIC Investment Co. (NYSE:MTG - Free Report) by 77.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,448 shares of the insurance provider's stock after selling 63,086 shares during the quarter. Tidal Investments LLC's holdings in MGIC Investment were worth $472,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently bought and sold shares of the company. Hara Capital LLC bought a new stake in shares of MGIC Investment in the 3rd quarter valued at approximately $25,000. V Square Quantitative Management LLC acquired a new stake in MGIC Investment in the third quarter valued at approximately $33,000. Brooklyn Investment Group bought a new stake in MGIC Investment in the third quarter worth approximately $69,000. Covestor Ltd increased its stake in shares of MGIC Investment by 65.5% during the 3rd quarter. Covestor Ltd now owns 3,387 shares of the insurance provider's stock worth $87,000 after purchasing an additional 1,341 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of MGIC Investment by 41.7% during the 3rd quarter. GAMMA Investing LLC now owns 4,352 shares of the insurance provider's stock valued at $111,000 after purchasing an additional 1,281 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.
Several research firms have commented on MTG. Barclays increased their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 8th. Royal Bank of Canada cut their price objective on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating on the stock in a research note on Wednesday, November 6th. Bank of America cut MGIC Investment from a "buy" rating to an "underperform" rating and decreased their target price for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $29.00 price target on shares of MGIC Investment in a research report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $26.00.
View Our Latest Research Report on MTG
Shares of MGIC Investment stock opened at $23.66 on Monday. MGIC Investment Co. has a 1 year low of $18.68 and a 1 year high of $26.56. The company's fifty day simple moving average is $25.07 and its 200-day simple moving average is $24.15. The company has a market cap of $5.99 billion, a price-to-earnings ratio of 8.33, a PEG ratio of 1.75 and a beta of 1.27. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12.
MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.11. The company had revenue of $306.65 million for the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business's quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the business posted $0.64 EPS. As a group, sell-side analysts expect that MGIC Investment Co. will post 2.85 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were given a $0.13 dividend. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.20%. MGIC Investment's dividend payout ratio is currently 18.31%.
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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