Walleye Capital LLC Reduces Stock Position in MGIC Investment Co. (NYSE:MTG)

Walleye Capital LLC lowered its stake in MGIC Investment Co. (NYSE:MTG) by 82.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 72,414 shares of the insurance provider’s stock after selling 338,238 shares during the quarter. Walleye Capital LLC’s holdings in MGIC Investment were worth $1,854,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hara Capital LLC purchased a new stake in MGIC Investment in the third quarter worth approximately $25,000. V Square Quantitative Management LLC purchased a new stake in MGIC Investment in the third quarter worth approximately $33,000. Brooklyn Investment Group purchased a new stake in MGIC Investment in the third quarter worth approximately $69,000. GAMMA Investing LLC boosted its holdings in MGIC Investment by 76.2% in the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock worth $66,000 after purchasing an additional 1,328 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in MGIC Investment by 65.5% in the third quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock worth $87,000 after purchasing an additional 1,341 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Down 1.2 %

MTG opened at $25.63 on Thursday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25. MGIC Investment Co. has a fifty-two week low of $17.42 and a fifty-two week high of $26.56. The firm’s fifty day moving average is $25.29 and its 200 day moving average is $23.81. The stock has a market cap of $6.49 billion, a price-to-earnings ratio of 9.02, a price-to-earnings-growth ratio of 1.86 and a beta of 1.27.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating 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 company had revenue of $306.65 million for the quarter, compared to analysts’ expectations of $306.03 million. During the same quarter in the previous year, the company earned $0.64 EPS. MGIC Investment’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, sell-side analysts forecast that MGIC Investment Co. will post 2.85 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend was Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is 18.31%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MTG. Royal Bank of Canada cut their price objective on shares of 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. Barclays boosted their price objective on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.