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State of Alaska Department of Revenue Boosts Holdings in MGIC Investment Co. (NYSE:MTG)

Defense World ·  Sep 25, 2022 04:42

State of Alaska Department of Revenue lifted its stake in MGIC Investment Co. (NYSE:MTG – Get Rating) by 6.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 161,985 shares of the insurance provider's stock after buying an additional 10,011 shares during the quarter. State of Alaska Department of Revenue's holdings in MGIC Investment were worth $2,040,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Lazard Asset Management LLC bought a new position in shares of MGIC Investment in the 1st quarter worth about $26,000. Cyrus J. Lawrence LLC bought a new position in shares of MGIC Investment in the 1st quarter worth about $33,000. Quent Capital LLC bought a new position in shares of MGIC Investment in the 4th quarter worth about $49,000. Meeder Asset Management Inc. increased its stake in shares of MGIC Investment by 87,240.0% in the 1st quarter. Meeder Asset Management Inc. now owns 4,367 shares of the insurance provider's stock worth $59,000 after acquiring an additional 4,362 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in shares of MGIC Investment in the 4th quarter worth about $71,000. 97.63% of the stock is owned by hedge funds and other institutional investors.

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MGIC Investment Stock Down 1.6 %

NYSE:MTG opened at $13.19 on Friday. The firm has a market cap of $4.00 billion, a P/E ratio of 5.69, a P/E/G ratio of 1.06 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. MGIC Investment Co. has a fifty-two week low of $11.38 and a fifty-two week high of $16.84. The firm has a 50-day simple moving average of $14.30 and a two-hundred day simple moving average of $13.64.

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 paid 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 yield of 3.03%. The ex-dividend date of this dividend was Wednesday, August 10th. MGIC Investment's dividend payout ratio (DPR) is currently 17.24%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MTG shares. Credit Suisse Group increased their price target on shares of MGIC Investment to $17.00 in a research note on Monday, August 22nd. StockNews.com upgraded shares of MGIC Investment from a "hold" rating to a "buy" rating in a research note on Friday, August 5th. Bank of America upgraded shares of 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 upgraded shares of MGIC Investment from a "sector perform" rating to an "outperform" rating and raised their price objective for the company from $15.00 to $16.00 in a research note 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's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $18.33.

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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