Brooklyn Investment Group Invests $69,000 in MGIC Investment Co. (NYSE:MTG)

Brooklyn Investment Group purchased a new stake in MGIC Investment Co. (NYSE:MTG) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,678 shares of the insurance provider’s stock, valued at approximately $69,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Hancock Whitney Corp purchased a new stake in shares of MGIC Investment during the 3rd quarter worth $777,000. Larson Financial Group LLC raised its position in MGIC Investment by 3.2% during the third quarter. Larson Financial Group LLC now owns 105,432 shares of the insurance provider’s stock worth $2,699,000 after acquiring an additional 3,220 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of MGIC Investment by 369.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 57,722 shares of the insurance provider’s stock valued at $1,478,000 after purchasing an additional 45,419 shares in the last quarter. Lindenwold Advisors INC grew its position in shares of MGIC Investment by 3.7% in the third quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock valued at $425,000 after purchasing an additional 592 shares during the last quarter. Finally, Quest Partners LLC raised its position in shares of MGIC Investment by 1,210.4% during the 3rd quarter. Quest Partners LLC now owns 118,818 shares of the insurance provider’s stock worth $3,042,000 after purchasing an additional 109,751 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Price Performance

NYSE MTG opened at $26.11 on Friday. The stock has a market cap of $6.62 billion, a PE ratio of 9.19, a P/E/G ratio of 1.91 and a beta of 1.28. The business has a 50 day moving average price of $25.24 and a two-hundred day moving average price of $23.66. MGIC Investment Co. has a fifty-two week low of $17.31 and a fifty-two week high of $26.56. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. During the same period last year, the business earned $0.64 EPS. The business’s revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts predict that MGIC Investment Co. will post 2.81 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were issued a dividend of $0.13 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 1.99%. MGIC Investment’s dividend payout ratio is presently 18.31%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. BTIG Research raised their price target on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Royal Bank of Canada cut their target price on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Barclays raised their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Finally, Roth Mkm lifted their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.50.

MGIC Investment Profile

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, the District of Columbia, 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.