EMG Holdings L.P. Invests $2.13 Million in MGIC Investment Co. (NYSE:MTG)

EMG Holdings L.P. purchased a new position in shares of MGIC Investment Co. (NYSE:MTG) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 98,765 shares of the insurance provider’s stock, valued at approximately $2,128,000. MGIC Investment comprises approximately 1.0% of EMG Holdings L.P.’s holdings, making the stock its 14th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in MTG. Dimensional Fund Advisors LP raised 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 valued at $326,375,000 after purchasing an additional 556,859 shares during the last quarter. First Trust Advisors LP raised its stake in MGIC Investment by 3.6% in the 4th 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 raised 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 valued at $245,587,000 after purchasing an additional 174,609 shares during the last quarter. Clearbridge Investments LLC raised its stake 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 purchasing an additional 139,562 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in MGIC Investment by 1.5% in 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 purchasing an additional 50,307 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analysts Set New Price Targets

MTG has been the subject of several analyst reports. Barclays boosted their target price 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. Roth Mkm upped their price objective on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. BTIG Research upped their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $24.00 to $25.00 in a research note on Monday, June 3rd. Four investment 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, MGIC Investment presently has a consensus rating of “Hold” and a consensus target price of $24.33.

MGIC Investment Stock Up 1.1 %

Shares of NYSE:MTG opened at $25.71 on Friday. The stock has a market capitalization of $6.85 billion, a P/E ratio of 9.89, a PEG ratio of 1.30 and a beta of 1.28. MGIC Investment Co. has a 1 year low of $16.30 and a 1 year high of $25.93. The stock has a 50-day simple moving average of $24.32 and a 200-day simple moving average of $22.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11.

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

MGIC Investment Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend was Thursday, August 8th. This is a boost from MGIC Investment’s previous quarterly dividend of $0.12. MGIC Investment’s dividend payout ratio is currently 20.00%.

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.