MGIC Investment Co. (NYSE:MTG) Shares Bought by GAMMA Investing LLC

VaselineAugust 9, 2024

0 3 minutes read

GAMMA Investing LLC increased its position in MGIC Investment Co. (NYSE:MTG – Free Report) by 76.2% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 3,071 shares of the insurance provider’s stock after purchasing an additional 1,328 shares during the quarter. GAMMA Investing LLC’s holdings in MGIC Investment were worth $66,000 as of its most recent SEC filing.

Other large investors have recently bought and sold shares of the company. Pacific Capital Wealth Advisors Inc. purchased a new position in shares of MGIC Investment in the fourth quarter valued at about $31,000. Quarry LP grew its position in MGIC Investment by 244.4% in the 4th quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after acquiring an additional 1,403 shares during the period. CWM LLC grew its position in MGIC Investment by 249.1% in the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after buying an additional 1,552 shares during the period. Fidelis Capital Partners LLC purchased a new position in shares of MGIC Investment in the first quarter worth about $50,000. Finally, Johnson Financial Group Inc. acquired a new stake in shares of MGIC Investment in the 4th quarter valued at about $59,000. Hedge funds and other institutional investors own 95.58% of the company’s shares.

MGIC investment price performance

Shares of NYSE MTG opened at $23.51 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.05, and a debt-to-equity ratio of 0.13. The stock has a market cap of $6.27 billion, a price-to-earnings ratio of 9.04, a PEG ratio of 3.02 and a beta of 1.28. The company’s 50-day moving average price is $22.22 and its 200-day moving average price is $21.00. MGIC Investment Co. has a 52 week low of $16.30 and a 52 week high of $25.93.

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MGIC Investment (NYSE:MTG – Get Free Report ) last posted its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.62 by $0.15. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The business had revenue of $305.28 million for the quarter, compared to analyst estimates of $301.02 million. In the same period last year, the company earned $0.68 per share. The company’s quarterly revenue was up 5.0% year over year. As a group, research analysts forecast that MGIC Investment Co. will post 2.54 earnings per share for the current fiscal year.

MGIC Investment Grows Dividends

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be given a dividend of $0.13 per share. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, August 8. This represents an annualized dividend of $0.52 and a yield of 2.21%. MGIC Investment’s dividend payout ratio (DPR) is currently 20.00%.

The Wall Street analyst weighs in

A number of brokerages have recently weighed in on MTG. UBS Group boosted their price objective on MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a report on Wednesday, May 22nd. Roth Mkm upped their target price on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. BTIG Research lifted their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday. Keefe, Bruyette & Woods upgraded shares of MGIC Investment from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $24.00 to $25.00 in a research report on Monday, June 3. Finally, Barclays raised their target price on shares of MGIC Investment from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $24.33, according to MarketBeat.com.

Check out our latest MGIC investment analysis

MGIC Investment Company Profile

(Free Report)

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage 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 protection on individual loans, as well as covers unpaid loan principal, late interest and various expenses associated with default and subsequent foreclosure.