Brooklyn Investment Group Acquires Shares of 2,678 MGIC Investment Co. (NYSE:MTG)

Brooklyn Investment Group bought a new position in shares of MGIC Investment Co. (NYSE:MTG) during the third quarter, HoldingsChannel reports. The firm bought 2,678 shares of the insurance provider’s stock, valued at approximately $69,000.

Several other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in MGIC Investment by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock valued at $326,375,000 after purchasing an additional 556,859 shares during the last quarter. American Century Companies Inc. raised its stake in MGIC Investment by 1.5% during the second quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock worth $73,167,000 after acquiring an additional 50,307 shares during the period. Los Angeles Capital Management LLC boosted its stake in MGIC Investment by 0.3% in the second quarter. Los Angeles Capital Management LLC now owns 1,438,727 shares of the insurance provider’s stock valued at $31,005,000 after acquiring an additional 4,602 shares during the period. Vest Financial LLC grew its holdings in shares of MGIC Investment by 3.7% during the third quarter. Vest Financial LLC now owns 1,113,258 shares of the insurance provider’s stock valued at $28,499,000 after purchasing an additional 39,502 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of MGIC Investment by 2.9% during the 2nd quarter. Mackenzie Financial Corp now owns 879,674 shares of the insurance provider’s stock worth $18,957,000 after purchasing an additional 24,627 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Performance

Shares of NYSE:MTG opened at $26.11 on Friday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $6.62 billion, a PE ratio of 9.19, a P/E/G ratio of 1.91 and a beta of 1.28. MGIC Investment Co. has a 1 year low of $17.31 and a 1 year high of $26.56. The firm has a fifty day moving average price of $25.24 and a 200 day moving average price of $23.66.

MGIC Investment (NYSE:MTG) last announced its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The firm had revenue of $306.65 million during the quarter, compared to analysts’ expectations of $306.03 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. Analysts expect that MGIC Investment Co. will post 2.81 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.99%. The ex-dividend date was Thursday, November 7th. MGIC Investment’s payout ratio is presently 18.31%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MTG shares. Barclays boosted their price objective on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Royal Bank of Canada decreased their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. BTIG Research raised their target price 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. Finally, Roth Mkm lifted their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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.