Zurcher Kantonalbank Zurich Cantonalbank Has $1.38 Million Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Zurcher Kantonalbank Zurich Cantonalbank lessened its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 30.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 64,030 shares of the insurance provider’s stock after selling 27,565 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in MGIC Investment were worth $1,380,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in MTG. GAMMA Investing LLC acquired a new position in shares of MGIC Investment during the 4th quarter worth about $30,000. Russell Investments Group Ltd. lifted its position in shares of MGIC Investment by 41.1% during the 4th quarter. Russell Investments Group Ltd. now owns 318,691 shares of the insurance provider’s stock worth $6,150,000 after purchasing an additional 92,823 shares during the last quarter. Van ECK Associates Corp raised its holdings in MGIC Investment by 29.5% in the 4th quarter. Van ECK Associates Corp now owns 76,738 shares of the insurance provider’s stock valued at $1,480,000 after acquiring an additional 17,490 shares in the last quarter. Natixis Advisors L.P. raised its holdings in MGIC Investment by 18.8% in the 4th quarter. Natixis Advisors L.P. now owns 93,120 shares of the insurance provider’s stock valued at $1,796,000 after acquiring an additional 14,743 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in MGIC Investment by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,799,494 shares of the insurance provider’s stock valued at $54,002,000 after acquiring an additional 7,137 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. BTIG Research upped their price target on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Keefe, Bruyette & Woods raised MGIC Investment from a “market perform” rating to an “outperform” rating and upped their price target for the company from $24.00 to $25.00 in a report on Monday, June 3rd. UBS Group upped their price target on MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a report on Wednesday, May 22nd. Barclays upped their price target on MGIC Investment from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Roth Mkm upped their price target on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $24.33.

MGIC Investment Trading Up 1.0 %

Shares of MTG opened at $25.43 on Tuesday. MGIC Investment Co. has a 1 year low of $16.30 and a 1 year high of $25.93. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $23.32 and a 200-day simple moving average of $21.56. The stock has a market cap of $6.78 billion, a PE ratio of 9.78, a PEG ratio of 1.35 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.15. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The business had revenue of $305.28 million during the quarter, compared to analysts’ expectations of $301.02 million. During the same period in the prior year, the firm posted $0.68 EPS. MGIC Investment’s quarterly revenue was up 5.0% compared to the same quarter last year. On average, sell-side analysts predict that MGIC Investment Co. will post 2.76 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, August 8th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a yield of 2.04%. MGIC Investment’s dividend payout ratio is 20.00%.

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.