MGIC Investment Co. (NYSE:MTG) Stake Boosted by Van ECK Associates Corp

Van ECK Associates Corp raised its position in shares of MGIC Investment Co. (NYSE:MTG) by 40.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 161,376 shares of the insurance provider’s stock after buying an additional 46,112 shares during the quarter. Van ECK Associates Corp owned 0.06% of MGIC Investment worth $4,099,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MTG. Dimensional Fund Advisors LP raised its holdings in shares of MGIC Investment by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock valued at $326,375,000 after acquiring an additional 556,859 shares during the period. Clearbridge Investments LLC grew its holdings in shares of MGIC Investment by 2.4% during the first 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 in the last quarter. American Century Companies Inc. raised its position in MGIC Investment by 1.5% during the second quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock valued at $73,167,000 after buying an additional 50,307 shares during the period. Jupiter Asset Management Ltd. raised its position in MGIC Investment by 134.8% during the first quarter. Jupiter Asset Management Ltd. now owns 1,537,972 shares of the insurance provider’s stock valued at $34,389,000 after buying an additional 882,984 shares during the period. Finally, Los Angeles Capital Management LLC lifted its stake in MGIC Investment by 0.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 1,438,727 shares of the insurance provider’s stock worth $31,005,000 after acquiring an additional 4,602 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Price Performance

Shares of MTG opened at $24.47 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.11 and a current ratio of 1.25. The firm has a market cap of $6.20 billion, a PE ratio of 8.62, a PEG ratio of 1.39 and a beta of 1.28. The firm’s 50 day moving average price is $25.22 and its 200 day moving average price is $23.22. MGIC Investment Co. has a twelve month low of $17.25 and a twelve month high of $26.52.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. The business had revenue of $306.65 million for the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. MGIC Investment’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.64 EPS. As a group, research analysts expect that MGIC Investment Co. will post 2.81 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 annualized dividend and a dividend yield of 2.13%. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

Analysts Set New Price Targets

Several equities analysts have weighed in on MTG shares. Roth Mkm lifted their target price on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Royal Bank of Canada lowered their price objective on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Wednesday. 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, Barclays lifted their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company 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. According to data from MarketBeat, the company has a consensus 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.