Los Angeles Capital Management LLC Lowers Stock Position in MGIC Investment Co. (NYSE:MTG)

Los Angeles Capital Management LLC decreased its position in MGIC Investment Co. (NYSE:MTG) by 3.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,388,713 shares of the insurance provider’s stock after selling 50,014 shares during the period. Los Angeles Capital Management LLC’s holdings in MGIC Investment were worth $35,551,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Meritage Portfolio Management raised its stake in MGIC Investment by 9.2% in the 3rd quarter. Meritage Portfolio Management now owns 23,635 shares of the insurance provider’s stock valued at $605,000 after purchasing an additional 2,000 shares during the last quarter. Covestor Ltd boosted its holdings 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. CWA Asset Management Group LLC purchased a new stake in shares of MGIC Investment in the third quarter valued at approximately $723,000. Financial Strategies Group Inc. boosted its stake in MGIC Investment by 9.2% during the third quarter. Financial Strategies Group Inc. now owns 11,440 shares of the insurance provider’s stock worth $295,000 after buying an additional 966 shares during the last quarter. Finally, Hara Capital LLC purchased a new position in shares of MGIC Investment during the 3rd quarter worth $25,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analysts Set New Price Targets

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

MGIC Investment Price Performance

Shares of NYSE MTG opened at $24.46 on Monday. The firm has a market capitalization of $6.20 billion, a PE ratio of 8.61, a price-to-earnings-growth ratio of 1.37 and a beta of 1.28. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.11 and a current ratio of 1.25. MGIC Investment Co. has a fifty-two week low of $17.25 and a fifty-two week high of $26.52. The stock’s 50-day simple moving average is $25.22 and its 200-day simple moving average is $23.24.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The firm had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. During the same quarter in the prior year, the firm earned $0.64 EPS. MGIC Investment’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities research analysts forecast that MGIC Investment Co. will post 2.81 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Thursday, November 7th. MGIC Investment’s payout ratio is currently 18.31%.

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.