Los Angeles Capital Management LLC increased its stake in shares of MGIC Investment Co. (NYSE: MTG – Get Rating) by 66.5% during the 1st quarter, according to its latest filing with the Securities and Exchange Commission. The institutional investor held 58,140 shares of the insurance provider after acquiring an additional 23,211 shares during the quarter. Los Angeles Capital Management LLC’s holdings in MGIC Investment were worth $788,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also changed their positions in MTG. Cyrus J. Lawrence LLC purchased a new equity position from MGIC Investment during Q1 worth approximately $33,000. Quent Capital LLC acquired a new stock position of MGIC Investment during the fourth quarter worth $49,000. Point72 Hong Kong Ltd purchased a new equity stake from MGIC Investment during the 4th quarter at a value of $71,000. Covestor Ltd bought a new position in MGIC Investment during Q4 worth $76,000. Finally, JJJ Advisors Inc. increased its position in MGIC Investment by 122.7% during the 1st quarter. JJJ Advisors Inc. now owns 7,778 shares of the insurance provider valued at $105,000 after buying an additional 4,285 shares last quarter. 94.10% of the shares are currently held by hedge funds and other institutional investors.
Changes to analyst ratings
MTG has been the subject of a number of research analyst reports. StockNews.com upgraded MGIC Investment from a “hold” rating to a “buy” rating in a Friday, August 5 research rating. Royal Bank of Canada has upgraded shares of MGIC Investment from an “sector performance” rating to an “outperform” rating and raised its price target for the company from $15.00 to $16.00 in a research note from Thursday, June 23. Two investment analysts gave the stock a hold rating and four gave the company a buy rating. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.92.
MGIC Investment Price Performance
NYSE MTG shares opened at $15.12 on Friday. MGIC Investment Co. has a 52-week low of $11.38 and a 52-week high of $16.84. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt ratio of 0.20. The company has a market capitalization of $4.59 billion, a P/E ratio of 6.52, a P/E/G ratio of 1.21 and a beta of 1.47. The company’s 50-day moving average price is $13.27 and its 200-day moving average price is $13.81.
MGIC Investment increases the dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 25. Investors of record on Thursday, August 11 will receive a dividend of $0.10 per share. This represents an annualized dividend of $0.40 and a dividend yield of 2.65%. The ex-dividend date is Wednesday, August 10. This is a boost from MGIC Investment’s previous quarterly dividend of $0.08. The dividend payout ratio (DPR) of MGIC Investment is 17.24%.
MGIC Investment Company Profile
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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, Puerto Rico and in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest and various expenses associated with default and subsequent foreclosure.
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