Hancock Whitney Corp Buys Shares of 30,371 MGIC Investment Co. (NYSE:MTG)

Hancock Whitney Corp purchased a new position in MGIC Investment Co. (NYSE:MTG) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 30,371 shares of the insurance provider’s stock, valued at approximately $777,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State of Alaska Department of Revenue boosted its position in MGIC Investment by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock valued at $3,858,000 after purchasing an additional 540 shares in the last quarter. Nations Financial Group Inc. IA ADV raised its stake in shares of MGIC Investment by 1.6% in the second quarter. Nations Financial Group Inc. IA ADV now owns 35,306 shares of the insurance provider’s stock worth $761,000 after purchasing an additional 565 shares during the last quarter. Lindenwold Advisors INC lifted its holdings in shares of MGIC Investment by 3.7% during the third quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock worth $425,000 after purchasing an additional 592 shares during the period. Fortem Financial Group LLC boosted its position in MGIC Investment by 1.0% in the second quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider’s stock valued at $1,626,000 after buying an additional 747 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of MGIC Investment by 482.7% in the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 946 shares during the period. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Stock Performance

NYSE MTG opened at $26.11 on Wednesday. The stock’s 50 day simple moving average is $25.22 and its 200-day simple moving average is $23.62. 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 company has a market cap of $6.62 billion, a PE ratio of 9.19, a price-to-earnings-growth ratio of 1.91 and a beta of 1.28. MGIC Investment Co. has a 1-year low of $17.31 and a 1-year high of $26.56.

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

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend was Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

Analysts Set New Price Targets

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