AXQ Capital LP Takes Position in MGIC Investment Co. (NYSE:MTG)

AXQ Capital LP purchased a new stake in shares of MGIC Investment Co. (NYSE:MTG) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,207 shares of the insurance provider’s stock, valued at approximately $242,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. CIBC Asset Management Inc bought a new stake in shares of MGIC Investment during the third quarter worth $202,000. Natixis Advisors LLC raised its position 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 worth $3,902,000 after acquiring an additional 42,088 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of MGIC Investment by 369.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 57,722 shares of the insurance provider’s stock worth $1,478,000 after acquiring an additional 45,419 shares during the last quarter. Larson Financial Group LLC raised its position in shares of 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. Finally, Hancock Whitney Corp bought a new stake in shares of MGIC Investment during the third quarter worth $777,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MTG. UBS Group boosted their target price on MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Keefe, Bruyette & Woods dropped their target price on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research report on Wednesday, January 8th. Compass Point reaffirmed a “neutral” rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Barclays lifted their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Bank of America cut MGIC Investment from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $26.75.

Insider Buying and Selling at MGIC Investment

In other news, CAO Julie K. Sperber sold 4,600 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $24.55, for a total value of $112,930.00. Following the sale, the chief accounting officer now directly owns 75,070 shares in the company, valued at $1,842,968.50. The trade was a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.05% of the company’s stock.

MGIC Investment Stock Down 0.8 %

NYSE:MTG opened at $23.52 on Monday. MGIC Investment Co. has a 1 year low of $19.26 and a 1 year high of $26.56. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market cap of $5.71 billion, a price-to-earnings ratio of 8.11 and a beta of 1.28. The stock has a 50-day moving average price of $24.29 and a two-hundred day moving average price of $24.68.

MGIC Investment (NYSE:MTG) last posted its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. As a group, equities analysts expect that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were paid a $0.13 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a yield of 2.21%. MGIC Investment’s payout ratio is 17.93%.

MGIC Investment Company 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.