Intech Investment Management LLC Buys Shares of 10,731 MGIC Investment Co. (NYSE:MTG)

Intech Investment Management LLC acquired a new stake in MGIC Investment Co. (NYSE:MTG) in the second quarter, HoldingsChannel reports. The firm acquired 10,731 shares of the insurance provider’s stock, valued at approximately $231,000.

Several other institutional investors and hedge funds have also modified their holdings of MTG. Dimensional Fund Advisors LP grew its stake in MGIC Investment by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock worth $326,375,000 after acquiring an additional 556,859 shares during the period. First Trust Advisors LP increased its stake in MGIC Investment by 3.6% in the fourth quarter. First Trust Advisors LP now owns 12,067,181 shares of the insurance provider’s stock valued at $232,776,000 after purchasing an additional 415,628 shares during the last quarter. LSV Asset Management boosted its stake in MGIC Investment by 1.6% in the 1st quarter. LSV Asset Management now owns 10,983,325 shares of the insurance provider’s stock worth $245,587,000 after buying an additional 174,609 shares during the last quarter. Clearbridge Investments LLC grew its holdings in MGIC Investment by 2.4% in the 1st quarter. Clearbridge Investments LLC now owns 6,008,042 shares of the insurance provider’s stock valued at $134,340,000 after buying an additional 139,562 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of MGIC Investment by 1.5% during the 2nd quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock valued at $73,167,000 after acquiring an additional 50,307 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

MTG has been the topic of several research analyst reports. Roth Mkm raised their target price on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Barclays boosted their price objective on shares of MGIC Investment from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Keefe, Bruyette & Woods raised MGIC Investment from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $24.00 to $25.00 in a research report on Monday, June 3rd. Finally, BTIG Research boosted their price target on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $24.33.

MGIC Investment Stock Down 0.0 %

Shares of NYSE MTG opened at $25.37 on Friday. The stock has a fifty day moving average price of $24.59 and a 200 day moving average price of $22.31. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.13. MGIC Investment Co. has a 12-month low of $16.30 and a 12-month high of $25.93. The company has a market cap of $6.76 billion, a P/E ratio of 9.76, a P/E/G ratio of 1.37 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.62 by $0.15. The business had revenue of $305.28 million for the quarter, compared to the consensus estimate of $301.02 million. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The company’s revenue was up 5.0% on a year-over-year basis. During the same period last year, the business posted $0.68 EPS. Research analysts anticipate that MGIC Investment Co. will post 2.76 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were given a dividend of $0.13 per share. This is a boost from MGIC Investment’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date was Thursday, August 8th. MGIC Investment’s payout ratio is presently 20.00%.

MGIC Investment 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.