Graham Capital Management L.P. lifted its position in shares of MGIC Investment Co. (NYSE:MTG – Get Rating) by 395.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 104,733 shares of the insurance provider's stock after acquiring an additional 83,609 shares during the period. Graham Capital Management L.P.'s holdings in MGIC Investment were worth $1,419,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Van ECK Associates Corp lifted its holdings in shares of MGIC Investment by 15.9% during the 1st quarter. Van ECK Associates Corp now owns 8,097 shares of the insurance provider's stock worth $110,000 after acquiring an additional 1,112 shares during the period. Cornercap Investment Counsel Inc. lifted its stake in MGIC Investment by 4.4% in the 1st quarter. Cornercap Investment Counsel Inc. now owns 39,742 shares of the insurance provider's stock valued at $539,000 after purchasing an additional 1,659 shares during the last quarter. Lazard Asset Management LLC bought a new position in MGIC Investment in the 1st quarter valued at approximately $26,000. Meritage Portfolio Management lifted its stake in MGIC Investment by 11.5% in the 1st quarter. Meritage Portfolio Management now owns 18,921 shares of the insurance provider's stock valued at $256,000 after purchasing an additional 1,958 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in MGIC Investment by 3.3% in the 1st quarter. Teacher Retirement System of Texas now owns 67,141 shares of the insurance provider's stock valued at $910,000 after purchasing an additional 2,156 shares during the last quarter. Institutional investors own 97.63% of the company's stock.
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Analyst Ratings Changes
Several brokerages recently commented on MTG. Credit Suisse Group increased their price objective on shares of MGIC Investment to $17.00 in a research note on Monday, August 22nd. Royal Bank of Canada upgraded shares of MGIC Investment from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $15.00 to $16.00 in a research report on Thursday, June 23rd. StockNews.com upgraded shares of MGIC Investment from a "hold" rating to a "buy" rating in a research report on Friday, August 5th. Finally, Bank of America upgraded shares of MGIC Investment from a "neutral" rating to a "buy" rating and set a $18.00 price target for the company in a research report on Thursday, August 18th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $18.33.
MGIC Investment Stock Up 1.6 %
MGIC Investment stock opened at $14.46 on Monday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.20. The firm's fifty day moving average price is $14.09 and its two-hundred day moving average price is $13.67. MGIC Investment Co. has a 1-year low of $11.38 and a 1-year high of $16.84. The firm has a market capitalization of $4.39 billion, a price-to-earnings ratio of 6.23, a price-to-earnings-growth ratio of 1.14 and a beta of 1.44.
MGIC Investment Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Investors of record on Thursday, August 11th were given a dividend of $0.10 per share. This is a positive change from MGIC Investment's previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend was Wednesday, August 10th. MGIC Investment's dividend payout ratio (DPR) is presently 17.24%.
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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