Wealth Enhancement Advisory Services LLC Cuts Stock Position in MGIC Investment Co. (NYSE:MTG)

Wealth Enhancement Advisory Services LLC lessened its stake in shares of MGIC Investment Co. (NYSE:MTG) by 1.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,686,802 shares of the insurance provider’s stock after selling 29,256 shares during the quarter. Wealth Enhancement Advisory Services LLC owned about 0.63% of MGIC Investment worth $37,717,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of MTG. GAMMA Investing LLC purchased a new stake in shares of MGIC Investment during the fourth quarter worth approximately $30,000. Pacific Capital Wealth Advisors Inc. acquired a new position in MGIC Investment during the fourth quarter worth $31,000. Quarry LP grew its holdings in MGIC Investment by 244.4% during the fourth 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 holdings in MGIC Investment by 249.1% during the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 1,552 shares during the period. Finally, Blue Trust Inc. grew its holdings in MGIC Investment by 49.2% during the fourth quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider’s stock worth $50,000 after acquiring an additional 849 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Price Performance

MGIC Investment stock traded up $0.12 during trading hours on Thursday, hitting $21.23. The stock had a trading volume of 1,709,210 shares, compared to its average volume of 1,916,088. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $5.66 billion, a price-to-earnings ratio of 8.17, a PEG ratio of 7.20 and a beta of 1.24. MGIC Investment Co. has a 1-year low of $15.19 and a 1-year high of $22.43. The stock’s fifty day moving average is $20.76 and its two-hundred day moving average is $20.20.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.05. The company had revenue of $294.40 million for the quarter, compared to analyst estimates of $301.62 million. MGIC Investment had a return on equity of 15.00% and a net margin of 62.85%. MGIC Investment’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.54 earnings per share. As a group, analysts predict that MGIC Investment Co. will post 2.52 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 21st. Investors of record on Thursday, May 9th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date was Wednesday, May 8th. MGIC Investment’s payout ratio is currently 17.69%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MTG shares. Keefe, Bruyette & Woods raised MGIC Investment from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $24.00 to $25.00 in a report on Monday, June 3rd. UBS Group upped 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. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $21.83.

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.