Charles Schwab Investment Management Inc. Sells 53,719 Shares of MGIC Investment Co. (NYSE:MTG)

Charles Schwab Investment Management Inc. decreased its position in shares of MGIC Investment Co. (NYSE:MTG) by 2.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,624,772 shares of the insurance provider’s stock after selling 53,719 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.04% of MGIC Investment worth $67,194,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its holdings in MGIC Investment by 482.7% during the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 946 shares during the last quarter. Hara Capital LLC purchased a new stake in shares of MGIC Investment during the 3rd quarter valued at approximately $25,000. V Square Quantitative Management LLC bought a new position in MGIC Investment in the 3rd quarter worth approximately $33,000. GAMMA Investing LLC grew its stake in MGIC Investment by 76.2% in the 2nd 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 in the last quarter. Finally, Covestor Ltd raised its holdings in MGIC Investment by 65.5% during the 3rd quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock valued at $87,000 after acquiring an additional 1,341 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Price Performance

MTG stock opened at $26.11 on Friday. The company’s 50 day moving average is $25.24 and its 200 day moving average is $23.66. The stock has a market cap of $6.62 billion, a price-to-earnings ratio of 9.19, a price-to-earnings-growth ratio of 1.91 and a beta of 1.28. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. MGIC Investment Co. has a 1-year low of $17.31 and a 1-year high of $26.56.

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

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 1.99%. MGIC Investment’s payout ratio is 18.31%.

Wall Street Analyst Weigh In

MTG has been the subject of a number of analyst reports. Royal Bank of Canada cut their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Roth Mkm raised their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Barclays upped their price target on 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, BTIG Research raised their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price 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.