Mutual of America Capital Management LLC Has $3.29 Million Stake in MGIC Investment Co. (NYSE:MTG)

Mutual of America Capital Management LLC lowered its stake in shares of MGIC Investment Co. (NYSE:MTG) by 6.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 152,634 shares of the insurance provider’s stock after selling 9,728 shares during the quarter. Mutual of America Capital Management LLC owned about 0.06% of MGIC Investment worth $3,289,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in MGIC Investment in the 4th quarter valued at $62,047,000. Jupiter Asset Management Ltd. increased its stake in shares of MGIC Investment by 134.8% in the first quarter. Jupiter Asset Management Ltd. now owns 1,537,972 shares of the insurance provider’s stock worth $34,389,000 after purchasing an additional 882,984 shares during the period. Allianz Asset Management GmbH lifted its position in shares of MGIC Investment by 33.6% during the 4th quarter. Allianz Asset Management GmbH now owns 3,008,255 shares of the insurance provider’s stock worth $58,029,000 after purchasing an additional 757,021 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in MGIC Investment by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock valued at $326,375,000 after purchasing an additional 556,859 shares during the period. Finally, WINTON GROUP Ltd grew its holdings in MGIC Investment by 440.3% in the 2nd quarter. WINTON GROUP Ltd now owns 521,001 shares of the insurance provider’s stock valued at $11,228,000 after buying an additional 424,580 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Price Performance

NYSE:MTG opened at $25.74 on Tuesday. The firm has a market cap of $6.86 billion, a PE ratio of 9.90, a price-to-earnings-growth ratio of 1.30 and a beta of 1.28. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. MGIC Investment Co. has a 12 month low of $16.30 and a 12 month high of $25.93. The company’s 50-day moving average price is $24.44 and its two-hundred day moving average price is $22.20.

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

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.02%. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, August 8th. MGIC Investment’s dividend payout ratio is presently 20.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MTG shares. BTIG Research increased their price objective on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Roth Mkm raised their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Barclays upped their price objective on shares of MGIC Investment from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Keefe, Bruyette & Woods raised MGIC Investment from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $24.00 to $25.00 in a research report on Monday, June 3rd. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $24.33.

About MGIC Investment

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.