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MGIC Investment (NYSE:MTG) Sees Unusually-High Trading Volume

Defense World · Oct 2, 2022 03:51

Shares of MGIC Investment Co. (NYSE:MTG – Get Rating) saw unusually-high trading volume on Friday . Approximately 134,858 shares were traded during mid-day trading, a decline of 94% from the previous session's volume of 2,419,540 shares.The stock last traded at $12.97 and had previously closed at $13.07.

Analyst Ratings Changes

MTG has been the topic of several research analyst reports. Credit Suisse Group raised their price objective on MGIC Investment to $17.00 in a research note on Monday, August 22nd. Royal Bank of Canada raised MGIC Investment from a "sector perform" rating to an "outperform" rating and raised their price objective for the stock from $15.00 to $16.00 in a research note on Thursday, June 23rd. StockNews.com raised MGIC Investment from a "hold" rating to a "buy" rating in a research note on Friday, August 5th. Finally, Bank of America raised MGIC Investment from a "neutral" rating to a "buy" rating and set a $18.00 price objective on the stock in a research note 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.33.

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MGIC Investment Price Performance

The company has a 50 day simple moving average of $14.25 and a 200-day simple moving average of $13.60. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of 5.53, a P/E/G ratio of 1.03 and a beta of 1.44. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.20.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were paid a $0.10 dividend. This is an increase 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 3.12%. MGIC Investment's dividend payout ratio (DPR) is currently 17.24%.

Institutional Trading of MGIC Investment

Several hedge funds and other institutional investors have recently modified their holdings of MTG. Goldman Sachs Group Inc. grew its holdings in shares of MGIC Investment by 93.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 20,227,237 shares of the insurance provider's stock valued at $254,863,000 after acquiring an additional 9,768,606 shares in the last quarter. National Bank of Canada FI grew its holdings in shares of MGIC Investment by 312.1% in the 2nd quarter. National Bank of Canada FI now owns 3,073,222 shares of the insurance provider's stock valued at $38,723,000 after acquiring an additional 2,327,522 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of MGIC Investment by 3,679.0% in the 2nd quarter. Bank of Montreal Can now owns 2,057,118 shares of the insurance provider's stock valued at $26,353,000 after acquiring an additional 2,002,682 shares in the last quarter. Donald Smith & CO. Inc. grew its holdings in shares of MGIC Investment by 109.8% in the 2nd quarter. Donald Smith & CO. Inc. now owns 3,217,697 shares of the insurance provider's stock valued at $40,543,000 after acquiring an additional 1,683,780 shares in the last quarter. Finally, Bank of Nova Scotia grew its holdings in shares of MGIC Investment by 18.6% in the 1st quarter. Bank of Nova Scotia now owns 9,803,863 shares of the insurance provider's stock valued at $132,842,000 after acquiring an additional 1,534,540 shares in the last quarter. Institutional investors and hedge funds own 97.63% of the company's stock.

MGIC Investment Company 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.