Ontario Teachers Pension Plan Board Reduces Holdings in MGIC Investment Co. (NYSE:MTG)

Ontario Teachers Pension Plan Board reduced its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 10.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,412 shares of the insurance provider’s stock after selling 6,677 shares during the period. Ontario Teachers Pension Plan Board’s holdings in MGIC Investment were worth $1,444,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MTG. Hara Capital LLC bought a new stake in MGIC Investment during the third quarter valued at about $25,000. Versant Capital Management Inc lifted its position in shares of MGIC Investment by 482.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after buying an additional 946 shares in the last quarter. V Square Quantitative Management LLC bought a new position in shares of MGIC Investment during the 3rd quarter valued at approximately $33,000. GAMMA Investing LLC raised its stake in MGIC Investment by 76.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock worth $66,000 after acquiring an additional 1,328 shares during the period. Finally, Covestor Ltd raised its stake in 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 acquiring an additional 1,341 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Price Performance

MTG stock opened at $24.75 on Thursday. MGIC Investment Co. has a 52 week low of $17.31 and a 52 week high of $26.52. The firm has a market capitalization of $6.27 billion, a P/E ratio of 8.71, a price-to-earnings-growth ratio of 1.78 and a beta of 1.28. The company has a fifty day simple moving average of $25.17 and a two-hundred day simple moving average of $23.47. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating 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 return on equity of 14.99% and a net margin of 64.09%. MGIC Investment’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 EPS. Analysts anticipate that MGIC Investment Co. will post 2.81 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is currently 18.31%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MTG. Roth Mkm increased their price objective on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. 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 note on Tuesday, October 8th. BTIG Research boosted their price objective on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Royal Bank of Canada dropped their price objective 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 analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.50.

MGIC Investment 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.