MGIC Investment Co. (NYSE:MTG) Stake Lessened by Donald Smith & CO. Inc.

Donald Smith & CO. Inc. cut its stake in shares of MGIC Investment Co. (NYSE:MTG) by 46.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,669,838 shares of the insurance provider’s stock after selling 1,448,307 shares during the period. Donald Smith & CO. Inc. owned approximately 0.63% of MGIC Investment worth $35,985,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of MTG. Dimensional Fund Advisors LP lifted its position 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 purchasing an additional 556,859 shares in the last quarter. WINTON GROUP Ltd boosted its stake in shares of MGIC Investment by 440.3% during 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 period. DekaBank Deutsche Girozentrale grew its holdings in shares of MGIC Investment by 13.5% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 418,977 shares of the insurance provider’s stock valued at $8,891,000 after acquiring an additional 49,924 shares in the last quarter. Nicholas Investment Partners LP increased its stake in shares of MGIC Investment by 10.0% in the second quarter. Nicholas Investment Partners LP now owns 726,914 shares of the insurance provider’s stock worth $15,665,000 after acquiring an additional 66,027 shares during the last quarter. Finally, Vest Financial LLC boosted its position in MGIC Investment by 22.7% during the second quarter. Vest Financial LLC now owns 1,073,756 shares of the insurance provider’s stock valued at $23,139,000 after purchasing an additional 198,553 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Performance

Shares of NYSE:MTG opened at $25.25 on Monday. The business has a fifty day moving average of $24.02 and a 200-day moving average of $21.96. The firm has a market cap of $6.73 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 1.30 and a beta of 1.28. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. MGIC Investment Co. has a twelve month low of $16.30 and a twelve month high of $25.93.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, beating the consensus estimate 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 in the prior year, the firm earned $0.68 earnings per share. MGIC Investment’s revenue was up 5.0% compared to the same quarter last year. On average, equities research analysts predict that MGIC Investment Co. will post 2.76 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend was Thursday, August 8th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.12. MGIC Investment’s dividend payout ratio (DPR) is 20.00%.

Wall Street Analysts Forecast Growth

Several research firms have commented on MTG. Keefe, Bruyette & Woods raised MGIC Investment from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $24.00 to $25.00 in a research note on Monday, June 3rd. Roth Mkm lifted their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. BTIG Research raised their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. UBS Group boosted their target price on shares of MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 22nd. Finally, Barclays raised their price target on MGIC Investment from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $24.33.

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.