Caisse DE Depot ET Placement DU Quebec Buys Shares of 528,721 MGIC Investment Co. (NYSE:MTG)

Caisse DE Depot ET Placement DU Quebec bought a new stake in MGIC Investment Co. (NYSE:MTG) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 528,721 shares of the insurance provider’s stock, valued at approximately $13,535,000. Caisse DE Depot ET Placement DU Quebec owned 0.21% of MGIC Investment at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Hara Capital LLC acquired a new position in shares of MGIC Investment during the third quarter worth about $25,000. Versant Capital Management Inc boosted its position in shares of 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 period. V Square Quantitative Management LLC acquired a new position in shares of MGIC Investment during the third quarter worth about $33,000. Brooklyn Investment Group acquired a new position in shares of MGIC Investment during the third quarter worth about $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 institutional investors and hedge funds.

MGIC Investment Price Performance

Shares of NYSE MTG opened at $26.26 on Monday. The firm has a market cap of $6.65 billion, a P/E ratio of 9.25, a price-to-earnings-growth ratio of 1.88 and a beta of 1.28. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. MGIC Investment Co. has a 1-year low of $17.33 and a 1-year high of $26.56. The business’s 50 day moving average is $25.26 and its 200-day moving average is $23.73.

MGIC Investment (NYSE:MTG) last announced its earnings results 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 return on equity of 14.99% and a net margin of 64.09%. The company had revenue of $306.65 million for the quarter, compared to analyst estimates of $306.03 million. During the same quarter last year, the company earned $0.64 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. Equities research analysts predict that MGIC Investment Co. will post 2.85 earnings per share for the current year.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 1.98%. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. BTIG Research increased their price target on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Royal Bank of Canada reduced their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Finally, Barclays upped their price objective on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, MGIC Investment has an average rating of “Moderate Buy” and an average 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.