CIBC Asset Management Inc Purchases Shares of 7,890 MGIC Investment Co. (NYSE:MTG)

CIBC Asset Management Inc purchased a new stake in shares of MGIC Investment Co. (NYSE:MTG) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 7,890 shares of the insurance provider’s stock, valued at approximately $202,000.

Other hedge funds also recently modified their holdings of the company. Hara Capital LLC bought a new stake in MGIC Investment in the third quarter valued at approximately $25,000. Versant Capital Management Inc lifted its position in shares of MGIC Investment by 482.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 946 shares during the period. V Square Quantitative Management LLC bought a new stake in shares of MGIC Investment in the 3rd quarter valued at $33,000. 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 worth $66,000 after buying an additional 1,328 shares during the period. Finally, Covestor Ltd raised its stake in MGIC Investment by 65.5% during the third quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock worth $87,000 after buying an additional 1,341 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Up 2.1 %

Shares of NYSE:MTG opened at $25.50 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25. MGIC Investment Co. has a 52-week low of $17.31 and a 52-week high of $26.52. The business’s 50 day simple moving average is $25.19 and its two-hundred day simple moving average is $23.52. The firm has a market cap of $6.46 billion, a P/E ratio of 8.98, a PEG ratio of 1.81 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last issued its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11. The company had revenue of $306.65 million for the quarter, compared to analysts’ expectations of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. MGIC Investment’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period last year, the business earned $0.64 EPS. As a group, research analysts forecast that MGIC Investment Co. will post 2.81 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Thursday, November 7th. MGIC Investment’s dividend payout ratio is currently 18.31%.

Analysts Set New Price Targets

A number of brokerages have weighed in on MTG. Barclays increased their price target on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Roth Mkm lifted their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. BTIG Research boosted their price target on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Royal Bank of Canada reduced their price objective on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $25.50.

MGIC Investment 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.