Meritage Portfolio Management Buys 2,956 Shares of MGIC Investment Co. (NYSE:MTG)

Meritage Portfolio Management boosted its stake in MGIC Investment Co. (NYSE:MTG) by 12.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,591 shares of the insurance provider’s stock after purchasing an additional 2,956 shares during the quarter. Meritage Portfolio Management’s holdings in MGIC Investment were worth $630,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Franklin Resources Inc. increased its holdings in shares of MGIC Investment by 6.5% in the third quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after purchasing an additional 98,369 shares during the period. GSA Capital Partners LLP grew its position in MGIC Investment by 154.1% during the third quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider’s stock worth $2,476,000 after buying an additional 58,664 shares in the last quarter. Vestcor Inc raised its holdings in shares of MGIC Investment by 559.3% in the 3rd quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock valued at $1,538,000 after acquiring an additional 50,979 shares in the last quarter. Ritholtz Wealth Management raised its holdings in shares of MGIC Investment by 13.4% in the 4th quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider’s stock valued at $2,174,000 after acquiring an additional 10,864 shares in the last quarter. Finally, Hancock Whitney Corp bought a new stake in shares of MGIC Investment during the 3rd quarter valued at about $777,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on MTG. Compass Point reaffirmed a “neutral” rating and issued a $27.00 target price (up from $24.00) on shares of MGIC Investment in a research note on Wednesday. Barclays raised their price objective on MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday. Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $26.00 to $25.00 in a report on Monday, December 9th. Royal Bank of Canada dropped their target price on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Finally, Keefe, Bruyette & Woods decreased their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, MGIC Investment currently has an average rating of “Hold” and an average target price of $26.25.

MGIC Investment Stock Down 0.4 %

Shares of NYSE:MTG opened at $25.50 on Thursday. MGIC Investment Co. has a 1 year low of $18.68 and a 1 year high of $26.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. The stock’s 50-day moving average is $24.52 and its 200 day moving average is $24.74. The company has a market cap of $6.46 billion, a PE ratio of 8.98, a P/E/G ratio of 2.02 and a beta of 1.29.

MGIC Investment (NYSE:MTG) last posted its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. Sell-side analysts anticipate that MGIC Investment Co. will post 2.85 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $0.52 annualized dividend and a yield of 2.04%. MGIC Investment’s dividend payout ratio (DPR) is presently 17.93%.

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.