Ontario Teachers Pension Plan Board Sells 6,677 Shares of MGIC Investment Co. (NYSE:MTG)

Ontario Teachers Pension Plan Board trimmed its stake in MGIC Investment Co. (NYSE:MTG) by 10.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 56,412 shares of the insurance provider’s stock after selling 6,677 shares during the period. Ontario Teachers Pension Plan Board’s holdings in MGIC Investment were worth $1,444,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in MTG. Connor Clark & Lunn Investment Management Ltd. boosted 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 during the period. Lindenwold Advisors INC lifted its holdings in shares of MGIC Investment by 3.7% in the 3rd quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock worth $425,000 after buying an additional 592 shares during the period. Quest Partners LLC grew 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 buying an additional 109,751 shares in the last quarter. Natixis Advisors LLC increased its stake in shares of MGIC Investment by 38.2% during the third quarter. Natixis Advisors LLC now owns 152,404 shares of the insurance provider’s stock valued at $3,902,000 after buying an additional 42,088 shares during the period. Finally, CIBC Asset Management Inc bought a new stake in shares of MGIC Investment in the third quarter valued at about $202,000. 95.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MTG. Roth Mkm increased their price objective 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. BTIG Research increased their target price on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Royal Bank of Canada reduced 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. Finally, Barclays raised their price objective on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.50.

MGIC Investment Price Performance

Shares of MTG opened at $24.75 on Thursday. The business’s 50-day moving average is $25.17 and its two-hundred day moving average is $23.47. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25. The company has a market capitalization of $6.27 billion, a P/E ratio of 8.71, a P/E/G ratio of 1.78 and a beta of 1.28. MGIC Investment Co. has a fifty-two week low of $17.31 and a fifty-two week high of $26.52.

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

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 2.10%. MGIC Investment’s payout ratio is presently 18.31%.

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.