First Eagle Investment Management LLC Raises Stake in MGIC Investment Co. (NYSE:MTG)

First Eagle Investment Management LLC lifted its position in shares of MGIC Investment Co. (NYSE:MTG) by 3.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 711,756 shares of the insurance provider’s stock after buying an additional 22,000 shares during the period. First Eagle Investment Management LLC owned 0.27% of MGIC Investment worth $15,338,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of MGIC Investment during the 4th quarter worth $62,047,000. Jupiter Asset Management Ltd. increased its stake in MGIC Investment by 134.8% in the first quarter. Jupiter Asset Management Ltd. now owns 1,537,972 shares of the insurance provider’s stock valued at $34,389,000 after purchasing an additional 882,984 shares during the last quarter. Allianz Asset Management GmbH lifted its position in MGIC Investment by 33.6% during the fourth quarter. Allianz Asset Management GmbH now owns 3,008,255 shares of the insurance provider’s stock worth $58,029,000 after buying an additional 757,021 shares during the period. Dimensional Fund Advisors LP boosted its stake in MGIC Investment by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock worth $326,375,000 after buying an additional 556,859 shares during the last quarter. Finally, WINTON GROUP Ltd boosted its stake in MGIC Investment by 440.3% in the 2nd quarter. WINTON GROUP Ltd now owns 521,001 shares of the insurance provider’s stock worth $11,228,000 after buying an additional 424,580 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Price Performance

MGIC Investment stock opened at $25.42 on Thursday. The firm has a fifty day moving average of $24.25 and a 200-day moving average of $22.06. MGIC Investment Co. has a 52-week low of $16.30 and a 52-week high of $25.93. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $6.78 billion, a P/E ratio of 9.78, a PEG ratio of 1.30 and a beta of 1.28.

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

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a dividend of $0.13 per share. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 2.05%. The ex-dividend date was Thursday, August 8th. MGIC Investment’s dividend payout ratio (DPR) is presently 20.00%.

Analyst Ratings Changes

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