MGIC Investment Co. (NYSE:MTG – Get Rating) saw a significant increase in short interest in August. As of August 31st, there was short interest totalling 25,410,000 shares, an increase of 23.8% from the August 15th total of 20,530,000 shares. Approximately 8.5% of the shares of the stock are sold short. Based on an average daily volume of 2,590,000 shares, the days-to-cover ratio is currently 9.8 days.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in MTG. Vanguard Group Inc. grew its holdings in MGIC Investment by 3.7% during 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. BlackRock Inc. lifted its position in shares of MGIC Investment by 0.5% during the first quarter. BlackRock Inc. now owns 27,872,353 shares of the insurance provider's stock valued at $377,670,000 after buying an additional 127,008 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of MGIC Investment by 93.4% during the second quarter. Goldman Sachs Group Inc. now owns 20,227,237 shares of the insurance provider's stock valued at $254,863,000 after buying an additional 9,768,606 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of MGIC Investment by 8.6% during the second quarter. JPMorgan Chase & Co. now owns 10,430,237 shares of the insurance provider's stock valued at $131,421,000 after buying an additional 821,754 shares during the last quarter. Finally, Bank of Nova Scotia lifted its position 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 buying an additional 1,534,540 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors.
Get MGIC Investment alerts:Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on MTG shares. Royal Bank of Canada raised 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 note on Thursday, June 23rd. Credit Suisse Group boosted their price objective on shares of MGIC Investment to $17.00 in a research report on Monday, August 22nd. Bank of America upgraded shares of MGIC Investment from a "neutral" rating to a "buy" rating and set a $18.00 price objective on the stock in a research report on Thursday, August 18th. Finally, StockNews.com upgraded shares of MGIC Investment from a "hold" rating to a "buy" rating in a research report on Friday, August 5th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $18.33.
MGIC Investment Trading Down 0.7 %
Shares of NYSE MTG traded down $0.10 during mid-day trading on Friday, reaching $14.27. The company had a trading volume of 5,187,636 shares, compared to its average volume of 2,386,788. The business's 50-day moving average is $14.24 and its 200-day moving average is $13.66. 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 stock has a market cap of $4.33 billion, a price-to-earnings ratio of 6.15, a price-to-earnings-growth ratio of 1.13 and a beta of 1.44. MGIC Investment has a 52 week low of $11.38 and a 52 week high of $16.84.MGIC Investment Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Stockholders of record on Thursday, August 11th were issued a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, August 10th. This is a boost 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 2.80%. MGIC Investment's dividend payout ratio 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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