Amalgamated Bank cut its position in shares of MGIC Investment Co. (NYSE:MTG – Get Rating) by 5.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 222,265 shares of the insurance provider's stock after selling 11,800 shares during the period. Amalgamated Bank owned approximately 0.07% of MGIC Investment worth $3,012,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lazard Asset Management LLC purchased a new stake in MGIC Investment during the first quarter valued at approximately $26,000. Cyrus J. Lawrence LLC purchased a new stake in MGIC Investment during the first quarter valued at approximately $33,000. Quent Capital LLC purchased a new stake in MGIC Investment during the fourth quarter valued at approximately $49,000. Meeder Asset Management Inc. raised its position in MGIC Investment by 87,240.0% during the first quarter. Meeder Asset Management Inc. now owns 4,367 shares of the insurance provider's stock valued at $59,000 after purchasing an additional 4,362 shares during the period. Finally, Point72 Hong Kong Ltd purchased a new stake in MGIC Investment during the fourth quarter valued at approximately $71,000. 97.63% of the stock is owned by institutional investors.
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Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on MTG shares. Royal Bank of Canada upgraded MGIC Investment from a "sector perform" rating to an "outperform" rating and upped their price objective for the company from $15.00 to $16.00 in a research report on Thursday, June 23rd. StockNews.com upgraded MGIC Investment from a "hold" rating to a "buy" rating in a report on Friday, August 5th. Bank of America upgraded MGIC Investment from a "neutral" rating to a "buy" rating and set a $18.00 price target on the stock in a report on Thursday, August 18th. Finally, Credit Suisse Group increased their price target on MGIC Investment to $17.00 in a report on Monday, August 22nd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, MGIC Investment presently has an average rating of "Moderate Buy" and an average price target of $18.33.
MGIC Investment Trading Down 1.6 %
MTG opened at $13.19 on Friday. The stock's fifty day moving average is $14.30 and its two-hundred day moving average is $13.64. The company has a market capitalization of $4.00 billion, a P/E ratio of 5.69, a PEG ratio of 1.10 and a beta of 1.44. MGIC Investment Co. has a 52 week low of $11.38 and a 52 week high of $16.84. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.20.
MGIC Investment Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were issued a dividend of $0.10 per share. This is an increase from MGIC Investment's previous quarterly dividend of $0.08. This represents a $0.40 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend was Wednesday, August 10th. MGIC Investment's dividend payout ratio (DPR) is presently 17.24%.
About MGIC Investment
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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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