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

NewEdge Advisors LLC boosted its stake in MGIC Investment Co. (NYSE:MTG) by 255.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,549 shares of the insurance provider’s stock after acquiring an additional 30,594 shares during the period. NewEdge Advisors LLC’s holdings in MGIC Investment were worth $917,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings in MGIC Investment by 482.7% in the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 946 shares in the last quarter. Quarry LP boosted its holdings in MGIC Investment by 244.4% in the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock valued at $38,000 after acquiring an additional 1,403 shares in the last quarter. CWM LLC boosted its holdings in MGIC Investment by 249.1% in the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock valued at $49,000 after acquiring an additional 1,552 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in MGIC Investment in the first quarter valued at $50,000. Finally, GAMMA Investing LLC lifted its position in 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. Institutional investors own 95.58% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on MTG. Barclays raised their price objective 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. BTIG Research raised 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. Finally, Roth Mkm raised their price objective on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.33.

MGIC Investment Price Performance

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

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.15. The firm had revenue of $305.28 million during the quarter, compared to analyst estimates of $301.02 million. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. MGIC Investment’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.68 EPS. Sell-side analysts predict that MGIC Investment Co. will post 2.76 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.07%. This is an increase 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 (DPR) is presently 20.00%.

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.