ClearAlpha Technologies LP Has $489,000 Holdings in MGIC Investment Co. (NYSE:MTG)

ClearAlpha Technologies LP decreased its stake in MGIC Investment Co. (NYSE:MTG) by 32.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of MTG. Paloma Partners Management Co bought a new stake in MGIC Investment in the 3rd quarter valued at $574,000. Erste Asset Management GmbH acquired a new position in shares of MGIC Investment during the third quarter valued at about $594,000. Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of MGIC Investment in the third quarter valued at about $13,535,000. Verition Fund Management LLC lifted its stake in shares of MGIC Investment by 96.4% in the third quarter. Verition Fund Management LLC now owns 22,500 shares of the insurance provider’s stock valued at $576,000 after buying an additional 11,046 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in MGIC Investment by 9.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,168 shares of the insurance provider’s stock worth $1,796,000 after buying an additional 6,138 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Up 0.6 %

Shares of MTG opened at $26.26 on Monday. The business’s 50 day simple moving average is $25.26 and its 200-day simple moving average is $23.73. MGIC Investment Co. has a one year low of $17.33 and a one year high of $26.56. The company 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. 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 (NYSE:MTG) last announced its earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $306.03 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, sell-side analysts predict that MGIC Investment Co. will post 2.85 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

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

Analyst Upgrades and Downgrades

MTG has been the subject of several recent research reports. BTIG Research upped their price target on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Barclays upped their target price 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. Finally, Royal Bank of Canada decreased 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 analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, MGIC Investment has a consensus rating of “Moderate Buy” and an average price target 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.