Inspire Investing LLC invests $235,000 in MGIC Investment Co. (NYSE: MTG)

0

Inspire Investing LLC acquired a new position in MGIC Investment Co. (NYSE:MTG – Get Rating) during Q1, HoldingsChannel.com reports. The institutional investor acquired 17,347 shares of the insurance provider, valued at approximately $235,000.

Several other institutional investors have also recently changed their positions in the company. Virginia Retirement Systems ET AL increased its stake in MGIC Investment shares by 26.3% in the first quarter. Virginia Retirement Systems ET AL now owns 184,800 shares of the insurance provider worth $2,504,000 after acquiring 38,500 additional shares in the last quarter. NorthCrest Asset Management LLC acquired a new stake in shares of MGIC Investment in the first quarter at a value of $588,000. The Alaska State Department of Revenue increased its stake in MGIC Investment shares by 222.5% in the first quarter. The Alaska State Department of Revenue now owns 151,974 shares of the insurance provider worth $2,058,000 after acquiring 104,848 additional shares in the last quarter. Wedge Capital Management LLP NC increased its stake in MGIC Investment shares by 23.4% in the first quarter. Wedge Capital Management LLP NC now owns 16,414 shares of the insurance provider worth $222,000 after acquiring 3,112 additional shares in the last quarter. Finally, Bowling Portfolio Management LLC acquired a new stake in the shares of MGIC Investment in the first quarter at a value of $498,000. Institutional investors and hedge funds hold 94.10% of the company’s shares.

Several equity research analysts have recently released reports on the stock. Royal Bank of Canada upgraded shares of MGIC Investment from a “sector performance” rating to an “outperform” rating and raised its price target for the stock from $15.00 to $16.00 in a research note from Thursday, June 23. BTIG Research reduced its target price on MGIC Investment from $18.00 to $17.00 in a research report on Tuesday, April 12. Finally, StockNews.com upgraded MGIC Investment from a “hold” rating to a “buy” rating in a Friday, May 13 research report. Two analysts rated the stock with a hold rating and four gave the stock a buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.92.

NYSE MTG shares opened at $12.93 on Friday. The stock has a market capitalization of $4.00 billion, a PE ratio of 6.60, a PEG ratio of 1.13 and a beta of 1.47. The company has a fifty-day moving average of $13.05 and a two-hundred-day moving average of $14.03. MGIC Investment Co. has a 52-week low of $11.38 and a 52-week high of $16.84. The company has a debt ratio of 0.20, a quick ratio of 0.61 and a current ratio of 0.61.

MGIC Investment (NYSE:MTG – Get Rating) last released quarterly earnings data on Wednesday, May 4. The insurance provider reported earnings per share (EPS) of $0.60 for the quarter, beating analyst consensus estimates of $0.58 by $0.02. The company posted revenue of $294.60 million in the quarter, compared to $292.28 million expected by analysts. MGIC Investment had a return on equity of 14.61% and a net margin of 55.82%. The company’s revenue fell 1.1% year-over-year. In the same period last year, the company earned $0.42 per share. Analysts predict that MGIC Investment Co. will post earnings per share of 2.27 for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 26. Shareholders of record on Thursday, May 12 received a dividend of $0.08 per share. The ex-dividend date was Wednesday, May 11. This represents a dividend of $0.32 on an annualized basis and a dividend yield of 2.47%. MGIC Investment’s payout ratio is currently 16.33%.

About MGIC Investment (Get a rating)

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, Puerto Rico and in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest, and various expenses associated with default and subsequent foreclosure.

Further reading

Want to see which other hedge funds hold MTG? Visit HoldingsChannel.com for the latest 13F filings and insider trading for MGIC Investment Co. (NYSE:MTG – Get Rating).

Institutional ownership by quarter for MGIC Investment (NYSE:MTG)



Receive news and reviews for MGIC Investment Daily – Enter your email address below to receive a concise daily summary of the latest news and analyst notes for MGIC Investment and related companies with MarketBeat.com’s FREE daily email newsletter.

Share.

About Author

Comments are closed.