Sanctuary Advisors LLC Invests $622,000 in MGIC Investment Co. (NYSE:MTG)

Sanctuary Advisors LLC purchased a new position in MGIC Investment Co. (NYSE:MTG) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 30,380 shares of the insurance provider’s stock, valued at approximately $622,000.

A number of other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of MGIC Investment by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock worth $326,375,000 after acquiring an additional 556,859 shares during the last quarter. LSV Asset Management boosted its stake in MGIC Investment by 1.6% during the first quarter. LSV Asset Management now owns 10,983,325 shares of the insurance provider’s stock worth $245,587,000 after buying an additional 174,609 shares during the last quarter. Clearbridge Investments LLC boosted its stake in MGIC Investment by 2.4% during the first quarter. Clearbridge Investments LLC now owns 6,008,042 shares of the insurance provider’s stock worth $134,340,000 after buying an additional 139,562 shares during the last quarter. American Century Companies Inc. boosted its stake in MGIC Investment by 1.5% during the second quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock worth $73,167,000 after buying an additional 50,307 shares during the last quarter. Finally, Jupiter Asset Management Ltd. boosted its stake in MGIC Investment by 134.8% during the first quarter. Jupiter Asset Management Ltd. now owns 1,537,972 shares of the insurance provider’s stock worth $34,389,000 after buying an additional 882,984 shares during the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Price Performance

NYSE:MTG opened at $25.80 on Tuesday. MGIC Investment Co. has a 52 week low of $16.32 and a 52 week high of $25.93. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $6.88 billion, a P/E ratio of 9.92, a P/E/G ratio of 1.35 and a beta of 1.28. The stock’s fifty day moving average is $24.87 and its two-hundred day moving average is $22.64.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. The company had revenue of $305.28 million for the quarter, compared to the consensus estimate of $301.02 million. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 earnings per share. Equities analysts expect that MGIC Investment Co. will post 2.76 EPS for the current year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Thursday, August 8th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. MGIC Investment’s payout ratio is currently 20.00%.

Analyst Ratings Changes

A number of equities analysts have weighed in on MTG shares. Roth Mkm boosted their price objective on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. BTIG Research boosted their price objective on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, Barclays boosted their price objective on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, MGIC Investment presently has an average rating of “Moderate Buy” and a consensus price target of $24.50.

MGIC Investment Company 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.