Meritage Portfolio Management Purchases 2,956 Shares of MGIC Investment Co. (NYSE:MTG)

Meritage Portfolio Management increased its position in MGIC Investment Co. (NYSE:MTG) by 12.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 26,591 shares of the insurance provider’s stock after purchasing an additional 2,956 shares during the quarter. Meritage Portfolio Management’s holdings in MGIC Investment were worth $630,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Hara Capital LLC purchased a new position in MGIC Investment during the third quarter valued at $25,000. V Square Quantitative Management LLC bought a new position in shares of MGIC Investment in the 3rd quarter worth about $33,000. UMB Bank n.a. increased its stake in shares of MGIC Investment by 131.9% in the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 938 shares in the last quarter. Brooklyn Investment Group purchased a new position in MGIC Investment during the 3rd quarter valued at about $69,000. Finally, Covestor Ltd boosted its stake in MGIC Investment by 65.5% during the third quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock worth $87,000 after acquiring an additional 1,341 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on MTG shares. Keefe, Bruyette & Woods decreased their target price on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research note on Wednesday, January 8th. Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $26.00 to $25.00 in a research report on Monday, December 9th. Barclays boosted their target price on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday. Compass Point restated a “neutral” rating and set a $27.00 price target (up from $24.00) on shares of MGIC Investment in a report on Wednesday. Finally, Royal Bank of Canada lowered their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $26.25.

MGIC Investment Stock Performance

Shares of MTG opened at $25.50 on Thursday. MGIC Investment Co. has a 12 month low of $18.68 and a 12 month high of $26.56. The business’s fifty day simple moving average is $24.52 and its two-hundred day simple moving average is $24.74. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The company has a market cap of $6.46 billion, a price-to-earnings ratio of 8.98, a P/E/G ratio of 2.02 and a beta of 1.29.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. Research analysts anticipate that MGIC Investment Co. will post 2.85 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th will be paid a $0.13 dividend. The ex-dividend date is Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.04%. MGIC Investment’s dividend payout ratio is presently 17.93%.

About MGIC Investment

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.