Van Hulzen Asset Management LLC lessened its holdings in MGIC Investment Co. (NYSE:MTG – Get Rating) by 3.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 24,600 shares of the insurance provider's stock after selling 1,000 shares during the period. Van Hulzen Asset Management LLC's holdings in MGIC Investment were worth $333,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the business. Weiss Multi Strategy Advisers LLC purchased a new stake in shares of MGIC Investment in the 1st quarter worth approximately $7,791,000. Virtu Financial LLC lifted its position in shares of MGIC Investment by 133.7% in the 1st quarter. Virtu Financial LLC now owns 24,030 shares of the insurance provider's stock worth $326,000 after purchasing an additional 13,747 shares during the period. Beacon Pointe Advisors LLC bought a new position in shares of MGIC Investment during the 1st quarter worth approximately $154,000. Point72 Hong Kong Ltd boosted its stake in MGIC Investment by 199.1% in the first quarter. Point72 Hong Kong Ltd now owns 14,730 shares of the insurance provider's stock valued at $200,000 after acquiring an additional 9,805 shares in the last quarter. Finally, Portolan Capital Management LLC boosted its stake in MGIC Investment by 151.7% in the first quarter. Portolan Capital Management LLC now owns 241,990 shares of the insurance provider's stock valued at $3,279,000 after acquiring an additional 145,848 shares in the last quarter. Hedge funds and other institutional investors own 97.63% of the company's stock.
Get MGIC Investment alerts:Analyst Upgrades and Downgrades
Several brokerages have weighed in on MTG. Bank of America upgraded shares of MGIC Investment from a "neutral" rating to a "buy" rating and set a $18.00 target price for the company in a research note on Thursday, August 18th. Credit Suisse Group raised their target price on shares of MGIC Investment to $17.00 in a report on Monday, August 22nd. StockNews.com raised shares of MGIC Investment from a "hold" rating to a "buy" rating in a report on Friday, August 5th. Finally, Royal Bank of Canada raised shares of MGIC Investment from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $15.00 to $16.00 in a report on Thursday, June 23rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $18.33.
MGIC Investment Stock Up 1.6 %
MTG stock opened at $14.37 on Friday. The firm has a market cap of $4.36 billion, a PE ratio of 6.19, a P/E/G ratio of 1.12 and a beta of 1.44. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.62 and a current ratio of 0.62. The firm's fifty day moving average is $14.18 and its 200 day moving average is $13.67. MGIC Investment Co. has a one year low of $11.38 and a one year high of $16.84.MGIC Investment Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Stockholders 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. The ex-dividend date was Wednesday, August 10th. This represents a $0.40 annualized dividend and a dividend yield of 2.78%. MGIC Investment's dividend payout ratio (DPR) is 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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