MGIC Investment Co. (NYSE:MTG) Short Interest Update

MGIC Investment Co. (NYSE:MTG) was the recipient of a significant decrease in short interest in the month of March. As of March 31st, there was short interest totalling 8,020,000 shares, a decrease of 30.1% from the March 15th total of 11,470,000 shares. Approximately 3.4% of the shares of the company are short sold. Based on an average trading volume of 2,350,000 shares, the days-to-cover ratio is presently 3.4 days.

Wall Street Analyst Weigh In

Several research firms recently commented on MTG. Keefe, Bruyette & Woods dropped their target price on MGIC Investment from $28.00 to $26.00 and set a “market perform” rating on the stock in a report on Tuesday, April 8th. Compass Point reaffirmed a “neutral” rating and set a $27.00 price objective (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Barclays boosted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, UBS Group raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, MGIC Investment has an average rating of “Hold” and a consensus target price of $26.50.

Insider Transactions at MGIC Investment

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $24.55, for a total transaction of $112,930.00. Following the sale, the chief accounting officer now directly owns 75,070 shares of the company’s stock, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.41% of the company’s stock.

Institutional Investors Weigh In On MGIC Investment

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. UMB Bank n.a. lifted its stake in shares of MGIC Investment by 131.9% in the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock worth $39,000 after buying an additional 938 shares in the last quarter. Venturi Wealth Management LLC lifted its stake in MGIC Investment by 102.1% in the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 918 shares in the last quarter. V Square Quantitative Management LLC boosted its holdings in shares of MGIC Investment by 61.9% during the 4th quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 794 shares during the last quarter. Physician Wealth Advisors Inc. purchased a new stake in shares of MGIC Investment in the fourth quarter valued at approximately $54,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of MGIC Investment by 21.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock valued at $55,000 after purchasing an additional 419 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Price Performance

NYSE:MTG traded up $0.19 during trading hours on Friday, reaching $24.03. 1,681,155 shares of the company were exchanged, compared to its average volume of 1,801,751. The stock’s 50-day moving average is $23.92 and its 200-day moving average is $24.52. MGIC Investment has a twelve month low of $19.32 and a twelve month high of $26.56. The firm has a market cap of $5.83 billion, a PE ratio of 8.28 and a beta of 0.93. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. On average, sell-side analysts anticipate that MGIC Investment will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Tuesday, February 18th. MGIC Investment’s dividend payout ratio is currently 17.93%.

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.