MGIC Investment Co. (NYSE: MTG) Shares sold by Xponance Inc.
Xponance Inc. cut its stake in MGIC Investment Co. (NYSE:MTG – Get Rating) by 2.4% during the first quarter, Holdings Channel.com reports. The fund held 35,339 shares of the insurance provider after selling 881 shares during the period. Xponance Inc.’s holdings in MGIC Investment were worth $479,000 at the end of the most recent period.
Other hedge funds and other institutional investors also changed their stakes in the company. Quent Capital LLC acquired a new stake in MGIC Investment in Q4 valued at approximately $49,000. Point72 Hong Kong Ltd acquired a new stake in shares of MGIC Investment during Q4 for a value of approximately $71,000. Covestor Ltd acquired a new stake in shares of MGIC Investment during Q4 worth approximately $76,000. Wedge Capital Management LLP NC increased its stake in MGIC Investment shares by 23.4% during the 1st quarter. Wedge Capital Management LLP NC now owns 16,414 shares of the insurance provider worth $222,000 after buying 3,112 additional shares in the last quarter. Finally, Méritage Portfolio Management increased its stake in MGIC Investment shares by 5.4% during the 4th quarter. Meritage Investment Management now owns 16,963 shares of the insurance provider worth $245,000 after buying 864 additional shares in the last quarter. 94.10% of the shares are currently held by hedge funds and other institutional investors.
MTG opened at $12.82 on Friday. The company’s 50-day simple moving average is $13.05 and its 200-day simple moving average is $14.04. The company has a debt ratio of 0.20, a quick ratio of 0.61 and a current ratio of 0.61. MGIC Investment Co. has a 1-year low of $11.38 and a 1-year high of $16.84. The stock has a market capitalization of $3.97 billion, a PE ratio of 6.54, a P/E/G ratio of 1.12 and a beta of 1.47.
MGIC Investment (NYSE:MTG – Get Rating) last released its quarterly results on Wednesday, May 4. The insurance provider reported EPS of $0.60 for the quarter, beating the consensus estimate of $0.58 by $0.02. MGIC Investment posted a net margin of 55.82% and a return on equity of 14.61%. The company posted revenue of $294.60 million for the quarter, compared to analyst estimates of $292.28 million. During the same quarter last year, the firm posted earnings per share of $0.42. MGIC Investment’s revenue for the quarter decreased by 1.1% compared to the same quarter last year. As a group, sell-side analysts expect MGIC Investment Co. to post earnings per share of 2.27 for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, May 26. Investors of record on Thursday, May 12 received a dividend of $0.08. The ex-dividend date was Wednesday, May 11. This represents an annualized dividend of $0.32 and a yield of 2.50%. The distribution rate of MGIC Investment is 16.33%.
MTG has been the subject of several analyst reports. StockNews.com upgraded MGIC Investment’s shares from a “hold” rating to a “buy” rating in a Friday, May 13 research rating. Royal Bank of Canada downgraded shares of MGIC Investment from an ‘sector performance’ rating to an ‘outperform’ rating and raised its target price for the stock from $15.00 to $16.00 in a Thursday, June 23 research report. Finally, BTIG Research lowered its price target on MGIC Investment shares from $18.00 to $17.00 in a Tuesday, April 12 research report. Two research analysts gave the stock a hold rating and four gave the stock a buy rating. According to data from MarketBeat.com, MGIC Investment has an average rating of “Moderate Buy” and an average price target of $17.92.
MGIC Investment Company Profile (Get an assessment)
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.
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