MGIC Investment Co. (NYSE:MTG) Shares Bought by Edgestream Partners L.P.

Edgestream Partners L.P. lifted its position in shares of MGIC Investment Co. (NYSE:MTG) by 153.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 244,980 shares of the insurance provider’s stock after acquiring an additional 148,494 shares during the quarter. Edgestream Partners L.P.’s holdings in MGIC Investment were worth $5,279,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Versant Capital Management Inc boosted its stake in shares of MGIC Investment by 482.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 946 shares in the last quarter. Quarry LP boosted its stake in shares of MGIC Investment by 244.4% during the 4th quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after acquiring an additional 1,403 shares in the last quarter. CWM LLC boosted its stake in shares of MGIC Investment by 249.1% during the 1st quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 1,552 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of MGIC Investment during the 1st quarter worth about $50,000. Finally, Johnson Financial Group Inc. purchased a new stake in shares of MGIC Investment during the 4th quarter worth about $59,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $24.00 to $25.00 in a research note on Monday, June 3rd. BTIG Research raised their price target on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Barclays raised their price target on shares of MGIC Investment from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. UBS Group raised their price target on shares of MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a research note on Wednesday, May 22nd. Finally, Roth Mkm raised their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $24.33.

MGIC Investment Stock Down 1.0 %

MTG stock opened at $25.30 on Wednesday. The company has a market cap of $6.74 billion, a price-to-earnings ratio of 9.73, a PEG ratio of 1.30 and a beta of 1.28. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.13. MGIC Investment Co. has a 12 month low of $16.30 and a 12 month high of $25.93. The firm has a 50-day moving average of $24.18 and a two-hundred day moving average of $22.04.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. The company had revenue of $305.28 million during the quarter, compared to the consensus estimate of $301.02 million. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. MGIC Investment’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.68 EPS. As a group, analysts forecast that MGIC Investment Co. will post 2.76 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.13 dividend. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.52 dividend on an annualized basis and a yield of 2.06%. MGIC Investment’s dividend payout ratio is presently 20.00%.

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.