World Investment Advisors LLC Acquires New Stake in MGIC Investment Co. (NYSE:MTG)

World Investment Advisors LLC bought a new position in MGIC Investment Co. (NYSE:MTG) in the third quarter, Holdings Channel reports. The firm bought 24,190 shares of the insurance provider’s stock, valued at approximately $619,000.

Other hedge funds have also recently made changes to their positions in the company. Hara Capital LLC bought a new stake in shares of MGIC Investment in the third quarter valued at approximately $25,000. V Square Quantitative Management LLC purchased a new position in MGIC Investment in the 3rd quarter valued at approximately $33,000. Brooklyn Investment Group bought a new stake in MGIC Investment during the 3rd quarter valued at $69,000. Covestor Ltd lifted its position in shares of 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 acquiring an additional 1,341 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of MGIC Investment by 233.4% in the second quarter. Blue Trust Inc. now owns 4,985 shares of the insurance provider’s stock worth $111,000 after acquiring an additional 3,490 shares during the period. 95.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MTG has been the topic of several analyst reports. Royal Bank of Canada decreased their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $26.00 to $25.00 in a report on Monday, December 9th. Barclays boosted their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $29.00 price objective on shares of MGIC Investment in a research report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $26.00.

MGIC Investment Stock Performance

Shares of MTG stock opened at $24.70 on Tuesday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The company’s fifty day moving average price is $25.21 and its 200-day moving average price is $24.08. The stock has a market cap of $6.26 billion, a PE ratio of 8.70, a price-to-earnings-growth ratio of 1.77 and a beta of 1.27. MGIC Investment Co. has a 12 month low of $18.68 and a 12 month high of $26.56.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.66 by $0.11. The business had revenue of $306.65 million for the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.64 earnings per share. On average, equities analysts expect that MGIC Investment Co. will post 2.85 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently declared 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 2.11%. The ex-dividend date was Thursday, November 7th. MGIC Investment’s payout ratio is presently 18.31%.

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.