Ritholtz Wealth Management Has $2.07 Million Position in MGIC Investment Co. (NYSE:MTG)

Ritholtz Wealth Management raised its stake in shares of MGIC Investment Co. (NYSE:MTG) by 15.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 80,826 shares of the insurance provider’s stock after purchasing an additional 10,894 shares during the period. Ritholtz Wealth Management’s holdings in MGIC Investment were worth $2,069,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc lifted its position in 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 during the last quarter. Quarry LP lifted its position in shares of MGIC Investment by 244.4% during the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 1,403 shares in the last quarter. CWM LLC lifted its position in shares of MGIC Investment by 249.1% during the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 1,552 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in MGIC Investment in the first quarter valued at approximately $50,000. Finally, GAMMA Investing LLC lifted its holdings in MGIC Investment by 76.2% in the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock valued at $66,000 after buying an additional 1,328 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Roth Mkm upped their target price 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. Barclays increased their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Finally, BTIG Research increased 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. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, MGIC Investment currently has an average rating of “Moderate Buy” and an average target price of $24.50.

MGIC Investment Stock Up 0.9 %

Shares of NYSE MTG opened at $25.67 on Monday. The company has a market capitalization of $6.84 billion, a P/E ratio of 9.87, a price-to-earnings-growth ratio of 1.35 and a beta of 1.28. MGIC Investment Co. has a 52-week low of $16.32 and a 52-week high of $25.93. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. The company’s 50 day moving average price is $24.82 and its 200-day moving average price is $22.61.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. The company had revenue of $305.28 million for 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% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.68 EPS. Equities analysts forecast that MGIC Investment Co. will post 2.76 earnings per share for the current year.

MGIC Investment Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors 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. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Thursday, August 8th. MGIC Investment’s payout ratio is 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.