Franklin Resources Inc. Grows Position in MGIC Investment Co. (NYSE:MTG)

Franklin Resources Inc. lifted its position in shares of MGIC Investment Co. (NYSE:MTG) by 6.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,621,838 shares of the insurance provider’s stock after purchasing an additional 98,369 shares during the quarter. Franklin Resources Inc. owned about 0.64% of MGIC Investment worth $41,836,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MTG. State of Alaska Department of Revenue boosted its holdings in shares of MGIC Investment by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock valued at $3,858,000 after buying an additional 540 shares in the last quarter. Nations Financial Group Inc. IA ADV lifted its position in MGIC Investment by 1.6% during the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 35,306 shares of the insurance provider’s stock valued at $761,000 after acquiring an additional 565 shares during the period. Lindenwold Advisors INC boosted its stake in MGIC Investment by 3.7% during the third quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock worth $425,000 after acquiring an additional 592 shares in the last quarter. Fortem Financial Group LLC grew its holdings in MGIC Investment by 1.0% in the second quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider’s stock worth $1,626,000 after purchasing an additional 747 shares during the period. Finally, Financial Strategies Group Inc. increased its stake in shares of MGIC Investment by 9.2% during the third quarter. Financial Strategies Group Inc. now owns 11,440 shares of the insurance provider’s stock valued at $295,000 after purchasing an additional 966 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MTG has been the topic of several recent research reports. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $29.00 price target on shares of MGIC Investment in a research note on Tuesday, December 10th. Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and reduced their price target for the company from $26.00 to $25.00 in a report on Monday, December 9th. Barclays upped their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Finally, 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 on the stock in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $26.00.

MGIC Investment Trading Down 1.7 %

Shares of NYSE:MTG opened at $24.29 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. MGIC Investment Co. has a 1 year low of $18.68 and a 1 year high of $26.56. The company has a market cap of $6.15 billion, a P/E ratio of 8.55, a PEG ratio of 1.77 and a beta of 1.27. The stock’s fifty day moving average price is $25.19 and its 200-day moving average price is $24.10.

MGIC Investment (NYSE:MTG) last issued 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. The business had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. MGIC Investment’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.64 EPS. Sell-side analysts expect that MGIC Investment Co. will post 2.85 earnings per share for the current year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were given 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 2.14%. MGIC Investment’s dividend payout ratio (DPR) is 18.31%.

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.