MGIC Investment Co. (NYSE:MTG) Shares Sold by CacheTech Inc.

CacheTech Inc. decreased its position in MGIC Investment Co. (NYSE:MTG) by 7.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 110,090 shares of the insurance provider’s stock after selling 8,925 shares during the period. CacheTech Inc.’s holdings in MGIC Investment were worth $2,818,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Capital Wealth Advisors purchased a new stake in MGIC Investment in the 3rd quarter valued at approximately $448,000. State of Alaska Department of Revenue lifted its holdings in shares of MGIC Investment by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock valued at $3,858,000 after buying an additional 540 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in shares of MGIC Investment by 1.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 425,042 shares of the insurance provider’s stock valued at $10,719,000 after buying an additional 6,065 shares during the period. Private Advisor Group LLC purchased a new stake in shares of MGIC Investment in the third quarter valued at approximately $253,000. Finally, Vest Financial LLC grew its holdings in MGIC Investment by 3.7% during the third quarter. Vest Financial LLC now owns 1,113,258 shares of the insurance provider’s stock worth $28,499,000 after acquiring an additional 39,502 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MTG. Roth Mkm raised their target price on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. BTIG Research upped their target price on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, Barclays lifted their price target on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, MGIC Investment has an average rating of “Moderate Buy” and a consensus target price of $24.50.

MGIC Investment Stock Performance

NYSE MTG opened at $23.57 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. The stock has a market cap of $6.11 billion, a price-to-earnings ratio of 8.70, a price-to-earnings-growth ratio of 1.35 and a beta of 1.28. MGIC Investment Co. has a fifty-two week low of $16.95 and a fifty-two week high of $26.52. The business has a fifty day moving average of $25.31 and a 200-day moving average of $23.06.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.15. The firm 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%. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.68 EPS. As a group, analysts predict that MGIC Investment Co. will post 2.76 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.21%. The ex-dividend date is Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is 19.19%.

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.