Meridian Investment Counsel Inc. Has $1.89 Million Holdings in MGIC Investment Co. (NYSE:MTG)

Meridian Investment Counsel Inc. cut its stake in shares of MGIC Investment Co. (NYSE:MTG) by 2.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 74,000 shares of the insurance provider’s stock after selling 1,500 shares during the period. Meridian Investment Counsel Inc.’s holdings in MGIC Investment were worth $1,894,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MTG. Versant Capital Management Inc boosted its holdings in MGIC Investment by 482.7% during the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after buying an additional 946 shares during the last quarter. Hara Capital LLC bought a new position in MGIC Investment during the 3rd quarter worth approximately $25,000. V Square Quantitative Management LLC bought a new position in MGIC Investment during the 3rd quarter worth approximately $33,000. GAMMA Investing LLC grew its holdings in MGIC Investment by 76.2% during the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock valued at $66,000 after purchasing an additional 1,328 shares during the period. Finally, Covestor Ltd increased its stake in MGIC Investment by 65.5% in the third quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock valued at $87,000 after purchasing an additional 1,341 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Performance

MTG opened at $24.91 on Friday. 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 business’s 50-day simple moving average is $25.18 and its 200 day simple moving average is $23.37. MGIC Investment Co. has a 52-week low of $17.25 and a 52-week high of $26.52. The firm has a market capitalization of $6.31 billion, a PE ratio of 8.77, a PEG ratio of 1.79 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last issued its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. During the same period last year, the business posted $0.64 EPS. MGIC Investment’s revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts expect that MGIC Investment Co. will post 2.81 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders 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 2.09%. MGIC Investment’s dividend payout ratio (DPR) is 18.31%.

Analysts Set New Price Targets

MTG has been the topic of a number of recent analyst reports. Royal Bank of Canada reduced their price target on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. BTIG Research lifted their target price on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Barclays increased their price target on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Finally, Roth Mkm lifted their price objective on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $25.50.

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.