Connor Clark & Lunn Investment Management Ltd. Grows Stake in MGIC Investment Co. (NYSE:MTG)

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of MGIC Investment Co. (NYSE:MTG) by 369.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,722 shares of the insurance provider’s stock after purchasing an additional 45,419 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in MGIC Investment were worth $1,478,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTG. Versant Capital Management Inc lifted its position in shares of MGIC Investment by 482.7% during the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 946 shares during the last quarter. Hara Capital LLC acquired a new position in shares of MGIC Investment in the 3rd quarter worth approximately $25,000. V Square Quantitative Management LLC acquired a new position in MGIC Investment in the third quarter worth $33,000. GAMMA Investing LLC raised its stake in MGIC Investment by 76.2% during the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock worth $66,000 after acquiring an additional 1,328 shares during the period. Finally, Covestor Ltd raised its position in shares of MGIC Investment by 65.5% during the 3rd quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock worth $87,000 after purchasing an additional 1,341 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Stock Down 0.8 %

MGIC Investment stock opened at $26.11 on Wednesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25. MGIC Investment Co. has a twelve month low of $17.31 and a twelve month high of $26.56. The firm’s 50 day moving average price is $25.22 and its two-hundred day moving average price is $23.62. The firm has a market cap of $6.62 billion, a PE ratio of 9.19, a P/E/G ratio of 1.85 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The firm had revenue of $306.65 million for the quarter, compared to analyst estimates of $306.03 million. During the same quarter last year, the firm earned $0.64 earnings per share. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, research analysts predict that MGIC Investment Co. will post 2.81 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. Investors of record on Thursday, November 7th were issued a $0.13 dividend. The ex-dividend date was Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 1.99%. MGIC Investment’s dividend payout ratio (DPR) is currently 18.31%.

Analyst Ratings Changes

A number of analysts recently weighed in on MTG shares. BTIG Research increased their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Roth Mkm upped their price objective on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Royal Bank of Canada reduced their target price on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Finally, Barclays lifted their price target on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, MGIC Investment has an average rating of “Moderate Buy” and a consensus target price of $25.50.

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.