Edgestream Partners L.P. Increases Holdings in MGIC Investment Co. (NYSE:MTG)

Edgestream Partners L.P. boosted its stake in shares of MGIC Investment Co. (NYSE:MTG) by 153.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 244,980 shares of the insurance provider’s stock after buying an additional 148,494 shares during the period. Edgestream Partners L.P. owned 0.09% of MGIC Investment worth $5,279,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of MTG. QRG Capital Management Inc. lifted its holdings in MGIC Investment by 4.1% during the fourth quarter. QRG Capital Management Inc. now owns 14,703 shares of the insurance provider’s stock worth $284,000 after buying an additional 584 shares during the period. Janney Montgomery Scott LLC purchased a new stake in MGIC Investment during the fourth quarter worth $563,000. Norges Bank purchased a new stake in MGIC Investment during the fourth quarter worth $62,047,000. Dynamic Technology Lab Private Ltd purchased a new stake in MGIC Investment during the fourth quarter worth $663,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in MGIC Investment during the fourth quarter worth $440,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

MTG has been the topic of a number of recent analyst reports. BTIG Research upped their price target on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Barclays upped their price target on MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Roth Mkm upped their price target on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Keefe, Bruyette & Woods raised MGIC Investment from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $24.00 to $25.00 in a research report on Monday, June 3rd. Finally, UBS Group upped their price target on MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 22nd. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $24.33.

MGIC Investment Price Performance

NYSE MTG opened at $25.30 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.11. The stock’s fifty day moving average price is $24.18 and its 200 day moving average price is $22.04. MGIC Investment Co. has a 1 year low of $16.30 and a 1 year high of $25.93. The company has a market cap of $6.74 billion, a price-to-earnings ratio of 9.73, a PEG ratio of 1.30 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.15. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The firm had revenue of $305.28 million for the quarter, compared to the consensus estimate of $301.02 million. During the same period in the prior year, the firm earned $0.68 EPS. The firm’s revenue was up 5.0% on a year-over-year basis. As a group, equities research analysts forecast that MGIC Investment Co. will post 2.76 earnings per share for the current year.

MGIC Investment Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a dividend of $0.13 per share. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 2.06%. The ex-dividend date was Thursday, August 8th. MGIC Investment’s dividend payout ratio (DPR) is currently 20.00%.

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.