NewEdge Advisors LLC Purchases 30,594 Shares of MGIC Investment Co. (NYSE:MTG)

NewEdge Advisors LLC increased its position in MGIC Investment Co. (NYSE:MTG) by 255.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 42,549 shares of the insurance provider’s stock after acquiring an additional 30,594 shares during the quarter. NewEdge Advisors LLC’s holdings in MGIC Investment were worth $917,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings 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. Quarry LP boosted its stake in MGIC Investment by 244.4% in the 4th quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 1,403 shares during the period. CWM LLC grew its holdings in MGIC Investment by 249.1% during the 1st quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock valued at $49,000 after buying an additional 1,552 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in shares of MGIC Investment during the first quarter valued at about $50,000. Finally, GAMMA Investing LLC increased its position in shares of MGIC Investment by 76.2% during the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock valued at $66,000 after buying an additional 1,328 shares during the period. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Trading Down 2.3 %

Shares of MTG opened at $25.12 on Tuesday. The firm’s 50 day simple moving average is $24.74 and its 200 day simple moving average is $22.49. The company has a market capitalization of $6.70 billion, a P/E ratio of 9.66, a P/E/G ratio of 1.37 and a beta of 1.28. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.11. MGIC Investment Co. has a 1-year low of $16.32 and a 1-year high of $25.93.

MGIC Investment (NYSE:MTG) last issued its quarterly 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. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The business had revenue of $305.28 million for the quarter, compared to analysts’ expectations of $301.02 million. During the same period last year, the business earned $0.68 earnings per share. The business’s quarterly revenue was up 5.0% on a year-over-year basis. Sell-side analysts forecast that MGIC Investment Co. will post 2.76 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a dividend of $0.13 per share. This is a boost from MGIC Investment’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Thursday, August 8th. MGIC Investment’s dividend payout ratio (DPR) is presently 20.00%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MTG. Barclays increased their price target on shares of MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. BTIG Research increased their price target on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Roth Mkm increased their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, MGIC Investment presently has an average rating of “Moderate Buy” and a consensus target price 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.