MGIC Investment Co. (NYSE:MTG) Position Trimmed by ClearAlpha Technologies LP

ClearAlpha Technologies LP decreased its holdings in MGIC Investment Co. (NYSE:MTG) by 32.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,121 shares of the insurance provider’s stock after selling 9,005 shares during the period. ClearAlpha Technologies LP’s holdings in MGIC Investment were worth $489,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Hara Capital LLC acquired a new position in MGIC Investment in the 3rd quarter valued at approximately $25,000. Versant Capital Management Inc grew its holdings in shares of MGIC Investment by 482.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 946 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of MGIC Investment in the third quarter worth $33,000. Brooklyn Investment Group purchased a new stake in shares of MGIC Investment during the third quarter worth $69,000. Finally, GAMMA Investing LLC boosted its position 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 last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Stock Up 0.6 %

Shares of MGIC Investment stock opened at $26.26 on Monday. MGIC Investment Co. has a 12-month low of $17.33 and a 12-month high of $26.56. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a 50 day moving average price of $25.26 and a two-hundred day moving average price of $23.73. The stock has a market capitalization of $6.65 billion, a P/E ratio of 9.25, a PEG ratio of 1.88 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $306.03 million. During the same period in the previous year, the company earned $0.64 earnings per share. MGIC Investment’s revenue for the quarter was up 3.4% on a year-over-year basis. Equities analysts expect that MGIC Investment Co. will post 2.85 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Thursday, November 7th. MGIC Investment’s dividend payout ratio is currently 18.31%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MTG. Barclays raised 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. BTIG Research raised their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Royal Bank of Canada dropped 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 note on Wednesday, November 6th. 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, MGIC Investment presently has an average rating of “Moderate Buy” and an average price target of $25.50.

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.