Seven Eight Capital LP Makes New $445,000 Investment in MGIC Investment Co. (NYSE:MTG)

Seven Eight Capital LP purchased a new position in shares of MGIC Investment Co. (NYSE:MTG) in the first quarter, according to its most recent filing with the SEC. The firm purchased 19,908 shares of the insurance provider’s stock, valued at approximately $445,000.

A number of other large investors have also recently bought and sold shares of the business. Louisiana State Employees Retirement System grew its holdings in MGIC Investment by 0.6% during the 1st quarter. Louisiana State Employees Retirement System now owns 78,400 shares of the insurance provider’s stock worth $1,753,000 after acquiring an additional 500 shares during the period. QRG Capital Management Inc. grew its holdings in MGIC Investment by 4.1% during the 4th quarter. QRG Capital Management Inc. now owns 14,703 shares of the insurance provider’s stock worth $284,000 after acquiring an additional 584 shares during the period. Crossmark Global Holdings Inc. grew its holdings in MGIC Investment by 0.7% during the 4th quarter. Crossmark Global Holdings Inc. now owns 117,517 shares of the insurance provider’s stock worth $2,267,000 after acquiring an additional 774 shares during the period. Asset Management One Co. Ltd. grew its holdings in MGIC Investment by 2.1% during the 4th quarter. Asset Management One Co. Ltd. now owns 39,747 shares of the insurance provider’s stock worth $774,000 after acquiring an additional 812 shares during the period. Finally, Blue Trust Inc. boosted its position in shares of MGIC Investment by 49.2% during the 4th quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider’s stock worth $50,000 after purchasing an additional 849 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Down 1.2 %

NYSE MTG traded down $0.29 during trading hours on Wednesday, hitting $23.36. The company’s stock had a trading volume of 1,616,058 shares, compared to its average volume of 1,866,970. MGIC Investment Co. has a 52 week low of $16.30 and a 52 week high of $23.90. The company has a market capitalization of $6.23 billion, a PE ratio of 9.10, a price-to-earnings-growth ratio of 7.94 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.13. The company’s 50-day simple moving average is $21.46 and its two-hundred day simple moving average is $20.64.

MGIC Investment (NYSE:MTG) last announced its quarterly 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. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The business had revenue of $294.40 million for the quarter, compared to analysts’ expectations of $301.62 million. During the same quarter last year, the firm earned $0.54 EPS. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. Research analysts anticipate that MGIC Investment Co. will post 2.52 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 21st. Shareholders of record on Thursday, May 9th were paid a $0.115 dividend. The ex-dividend date of this dividend was Wednesday, May 8th. This represents a $0.46 annualized dividend and a yield of 1.97%. MGIC Investment’s dividend payout ratio (DPR) is 17.69%.

Analysts Set New Price Targets

MTG has been the topic of a number of research analyst reports. Barclays increased their price objective on shares of MGIC Investment from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $24.00 to $25.00 in a research report on Monday, June 3rd. Finally, UBS Group increased their price objective on shares of MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a research 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. Based on data from MarketBeat, MGIC Investment currently has a consensus rating of “Hold” and an average price target of $22.17.

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.