Convergence Investment Partners LLC Purchases 1,907 Shares of MGIC Investment Co. (NYSE:MTG)

Convergence Investment Partners LLC increased its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 15.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 14,631 shares of the insurance provider’s stock after purchasing an additional 1,907 shares during the period. Convergence Investment Partners LLC’s holdings in MGIC Investment were worth $282,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of MTG. Invesco Ltd. boosted its stake in shares of MGIC Investment by 47.3% during the 3rd quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock worth $52,983,000 after acquiring an additional 1,019,759 shares during the period. AQR Capital Management LLC boosted its position in MGIC Investment by 30.3% during the third quarter. AQR Capital Management LLC now owns 4,233,477 shares of the insurance provider’s stock worth $70,657,000 after purchasing an additional 985,512 shares during the period. LSV Asset Management increased its holdings in shares of MGIC Investment by 8.5% in the third quarter. LSV Asset Management now owns 10,427,565 shares of the insurance provider’s stock valued at $174,036,000 after purchasing an additional 820,182 shares during the last quarter. FMR LLC raised its position in shares of MGIC Investment by 26.7% in the third quarter. FMR LLC now owns 3,829,710 shares of the insurance provider’s stock valued at $63,918,000 after purchasing an additional 807,637 shares during the period. Finally, Acadian Asset Management LLC lifted its stake in shares of MGIC Investment by 302.3% during the 3rd quarter. Acadian Asset Management LLC now owns 661,778 shares of the insurance provider’s stock worth $11,034,000 after buying an additional 497,261 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Roth Mkm increased their price target on shares of MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $24.00 price target (up from $23.50) on shares of MGIC Investment in a report on Thursday, April 4th. Finally, Royal Bank of Canada upped their price objective on MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a report on Friday, February 2nd. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, MGIC Investment has a consensus rating of “Hold” and an average price target of $21.08.

MGIC Investment Price Performance

Shares of MTG stock opened at $20.48 on Monday. The business has a fifty day simple moving average of $20.45 and a 200 day simple moving average of $19.15. The company has a market cap of $5.52 billion, a P/E ratio of 8.22, a P/E/G ratio of 1.69 and a beta of 1.24. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.13. MGIC Investment Co. has a twelve month low of $13.97 and a twelve month high of $22.43.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. The company had revenue of $284.72 million for the quarter, compared to analysts’ expectations of $302.96 million. MGIC Investment had a return on equity of 14.82% and a net margin of 61.72%. On average, sell-side analysts forecast that MGIC Investment Co. will post 2.43 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 21st. Investors of record on Thursday, May 9th will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Wednesday, May 8th. MGIC Investment’s payout ratio is presently 18.47%.

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.