Carnegie Lake Advisors LLC Lowers Stake in MGIC Investment Co. (NYSE:MTG)

Carnegie Lake Advisors LLC lessened its stake in MGIC Investment Co. (NYSE:MTG) by 1.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,829 shares of the insurance provider’s stock after selling 500 shares during the period. Carnegie Lake Advisors LLC’s holdings in MGIC Investment were worth $684,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Savant Capital LLC increased its position in shares of MGIC Investment by 11.8% during the fourth quarter. Savant Capital LLC now owns 8,857 shares of the insurance provider’s stock worth $210,000 after acquiring an additional 933 shares during the period. Empowered Funds LLC purchased a new position in MGIC Investment during the 4th quarter worth $1,166,000. Vest Financial LLC increased its holdings in MGIC Investment by 33.4% during the 4th quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider’s stock worth $35,213,000 after purchasing an additional 371,882 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of MGIC Investment by 19.1% in the 4th quarter. State of Alaska Department of Revenue now owns 179,525 shares of the insurance provider’s stock worth $4,255,000 after buying an additional 28,775 shares during the period. Finally, Meritage Portfolio Management grew its position in shares of MGIC Investment by 12.5% during the 4th quarter. Meritage Portfolio Management now owns 26,591 shares of the insurance provider’s stock worth $630,000 after buying an additional 2,956 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Down 0.9 %

MTG opened at $25.03 on Tuesday. The company has a market cap of $6.34 billion, a PE ratio of 8.63, a price-to-earnings-growth ratio of 2.01 and a beta of 1.29. MGIC Investment Co. has a twelve month low of $18.92 and a twelve month high of $26.56. The company has a 50-day moving average price of $24.47 and a 200 day moving average price of $24.78. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last announced its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. Sell-side analysts expect that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th will be given a dividend of $0.13 per share. The ex-dividend date is Tuesday, February 18th. This represents a $0.52 annualized dividend and a dividend yield of 2.08%. MGIC Investment’s payout ratio is 17.93%.

Analysts Set New Price Targets

MTG has been the topic of a number of research reports. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and cut their target price for the company from $26.00 to $25.00 in a research report on Monday, December 9th. Barclays lifted their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Compass Point restated a “neutral” rating and set a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Keefe, Bruyette & Woods cut their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a report on Wednesday, January 8th. Finally, Royal Bank of Canada decreased 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $26.25.

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.