Van ECK Associates Corp Boosts Stake in MGIC Investment Co. (NYSE:MTG)

Van ECK Associates Corp increased its holdings in MGIC Investment Co. (NYSE:MTGGet Rating) by 9.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,930 shares of the insurance provider’s stock after purchasing an additional 804 shares during the quarter. Van ECK Associates Corp’s holdings in MGIC Investment were worth $114,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in MTG. Lazard Asset Management LLC purchased a new position in MGIC Investment in the 1st quarter worth $26,000. Wipfli Financial Advisors LLC purchased a new position in MGIC Investment in the 3rd quarter worth $62,000. M&T Bank Corp purchased a new position in MGIC Investment in the 2nd quarter worth $76,000. Janiczek Wealth Management LLC raised its position in MGIC Investment by 71.5% in the 3rd quarter. Janiczek Wealth Management LLC now owns 8,374 shares of the insurance provider’s stock worth $105,000 after purchasing an additional 3,491 shares during the period. Finally, Counterpoint Mutual Funds LLC purchased a new position in MGIC Investment in the 2nd quarter worth $112,000. Hedge funds and other institutional investors own 96.95% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on MTG shares. StockNews.com initiated coverage on shares of MGIC Investment in a research report on Wednesday, October 12th. They issued a “buy” rating on the stock. Credit Suisse Group cut their price target on shares of MGIC Investment to $15.00 in a report on Thursday, October 13th. Barclays lowered shares of MGIC Investment from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $16.00 to $14.00 in a report on Friday, January 6th. Finally, Compass Point lowered shares of MGIC Investment from a “buy” rating to a “neutral” rating and cut their price target for the stock from $19.00 to $14.50 in a report on Tuesday, November 8th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $15.75.

MGIC Investment Trading Up 1.3 %

Shares of MTG opened at $13.62 on Friday. The firm’s 50-day moving average price is $13.16 and its 200-day moving average price is $13.53. The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of 5.10, a PEG ratio of 1.16 and a beta of 1.36. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.15. MGIC Investment Co. has a 1-year low of $11.38 and a 1-year high of $16.41.

MGIC Investment (NYSE:MTGGet Rating) last announced its earnings results on Wednesday, November 2nd. The insurance provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.31. The firm had revenue of $296.06 million for the quarter, compared to analyst estimates of $322.19 million. MGIC Investment had a net margin of 72.18% and a return on equity of 19.66%. Sell-side analysts anticipate that MGIC Investment Co. will post 2.86 EPS for the current year.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 23rd. Stockholders of record on Thursday, November 10th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend was Wednesday, November 9th. MGIC Investment’s payout ratio is 14.98%.

About MGIC Investment

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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, 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.

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Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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