Interval Partners LP trimmed its stake in shares of MGIC Investment Co. (NYSE:MTG – Get Rating) by 42.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 526,876 shares of the insurance provider's stock after selling 394,423 shares during the period. Interval Partners LP owned about 0.17% of MGIC Investment worth $7,139,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of MTG. Bank of Nova Scotia lifted its holdings in shares of MGIC Investment by 18.6% during the first quarter. Bank of Nova Scotia now owns 9,803,863 shares of the insurance provider's stock valued at $132,842,000 after purchasing an additional 1,534,540 shares during the last quarter. Donald Smith & CO. Inc. purchased a new stake in MGIC Investment in the 1st quarter worth about $20,785,000. Westwood Holdings Group Inc. lifted its stake in MGIC Investment by 135.5% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,356,583 shares of the insurance provider's stock worth $31,932,000 after acquiring an additional 1,355,862 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in MGIC Investment by 14.8% in the 1st quarter. JPMorgan Chase & Co. now owns 9,608,483 shares of the insurance provider's stock worth $130,194,000 after acquiring an additional 1,235,554 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in MGIC Investment by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 33,025,974 shares of the insurance provider's stock worth $447,501,000 after acquiring an additional 1,166,300 shares in the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.
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MGIC Investment Stock Performance
Shares of MTG stock opened at $14.46 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.62 and a quick ratio of 0.62. MGIC Investment Co. has a fifty-two week low of $11.38 and a fifty-two week high of $16.84. The stock's 50-day moving average is $14.09 and its two-hundred day moving average is $13.69. The firm has a market cap of $4.39 billion, a P/E ratio of 6.23, a PEG ratio of 1.12 and a beta of 1.44.
MGIC Investment Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were given a $0.10 dividend. This is a positive change from MGIC Investment's previous quarterly dividend of $0.08. This represents a $0.40 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend was Wednesday, August 10th. MGIC Investment's dividend payout ratio is presently 17.24%.
Analyst Ratings Changes
Several equities research analysts recently issued reports on MTG shares. Credit Suisse Group increased their price objective on MGIC Investment to $17.00 in a research note on Monday, August 22nd. StockNews.com raised MGIC Investment from a "hold" rating to a "buy" rating in a research note on Friday, August 5th. Bank of America raised MGIC Investment from a "neutral" rating to a "buy" rating and set a $18.00 price objective for the company in a research note on Thursday, August 18th. Finally, Royal Bank of Canada raised MGIC Investment from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $15.00 to $16.00 in a research note on Thursday, June 23rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.33.
MGIC Investment Profile
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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, 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.
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