Pacific Capital Wealth Advisors Inc. Takes $31,000 Position in MGIC Investment Co. (NYSE:MTG)

Pacific Capital Wealth Advisors Inc. purchased a new position in shares of MGIC Investment Co. (NYSE:MTG) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,592 shares of the insurance provider’s stock, valued at approximately $31,000.

Several other hedge funds also recently made changes to their positions in the business. Xponance Inc. raised its stake in shares of MGIC Investment by 12.4% during the third quarter. Xponance Inc. now owns 39,550 shares of the insurance provider’s stock valued at $660,000 after acquiring an additional 4,368 shares during the last quarter. Raymond James & Associates grew its position in MGIC Investment by 6.1% in the 3rd quarter. Raymond James & Associates now owns 54,372 shares of the insurance provider’s stock worth $907,000 after purchasing an additional 3,108 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in MGIC Investment by 33.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,808 shares of the insurance provider’s stock valued at $1,132,000 after buying an additional 16,862 shares during the last quarter. Strs Ohio increased its position in shares of MGIC Investment by 1.4% during the third quarter. Strs Ohio now owns 159,005 shares of the insurance provider’s stock valued at $2,653,000 after acquiring an additional 2,212 shares during the last quarter. Finally, Advisor Partners II LLC bought a new stake in shares of MGIC Investment during the 3rd quarter worth $176,000. 95.58% of the stock is owned by institutional investors.

MGIC Investment Stock Performance

NYSE MTG traded up $0.25 on Tuesday, hitting $21.20. 2,179,909 shares of the company traded hands, compared to its average volume of 2,052,149. The business’s 50 day moving average price is $20.65 and its 200-day moving average price is $19.32. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of 8.15, a P/E/G ratio of 1.67 and a beta of 1.24. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.13. MGIC Investment Co. has a 52-week low of $14.51 and a 52-week high of $22.43.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. The business had revenue of $294.40 million during the quarter, compared to analyst estimates of $301.62 million. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. During the same period last year, the firm posted $0.54 EPS. The company’s revenue was up 3.7% on a year-over-year basis. Equities analysts expect that MGIC Investment Co. will post 2.48 earnings per share for the current year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 21st. Investors of record on Thursday, May 9th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $0.46 annualized dividend and a yield of 2.17%. MGIC Investment’s payout ratio is 17.69%.

Analyst Upgrades and Downgrades

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

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.