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

Van ECK Associates Corp increased its stake in shares of MGIC Investment Co. (NYSE:MTG) by 30.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 210,017 shares of the insurance provider’s stock after purchasing an additional 48,641 shares during the quarter. Van ECK Associates Corp owned approximately 0.08% of MGIC Investment worth $4,980,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MTG. Caisse DE Depot ET Placement DU Quebec acquired a new position in MGIC Investment during the third quarter worth $13,535,000. Vest Financial LLC increased its holdings in shares of MGIC Investment by 33.4% during the 4th quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider’s stock valued at $35,213,000 after acquiring an additional 371,882 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of MGIC Investment in the 4th quarter valued at approximately $8,362,000. Barclays PLC boosted its position in MGIC Investment by 75.1% during the third quarter. Barclays PLC now owns 457,706 shares of the insurance provider’s stock worth $11,716,000 after purchasing an additional 196,252 shares during the period. Finally, Taika Capital LP acquired a new position in MGIC Investment during the 3rd quarter worth $4,123,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Price Performance

Shares of MTG opened at $24.77 on Wednesday. The stock has a market cap of $6.27 billion, a P/E ratio of 8.54, a price-to-earnings-growth ratio of 2.01 and a beta of 1.29. MGIC Investment Co. has a 1 year low of $18.98 and a 1 year high of $26.56. The stock’s 50-day moving average price is $24.36 and its two-hundred day moving average price is $24.78. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. On average, equities analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Tuesday, February 18th. MGIC Investment’s dividend payout ratio is 17.93%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on MTG shares. Compass Point reiterated a “neutral” rating and set a $27.00 price target (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Royal Bank of Canada lowered their target price on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $26.00 to $25.00 in a report on Monday, December 9th. Barclays increased their target price on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, Keefe, Bruyette & Woods decreased their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, MGIC Investment presently has an average rating of “Hold” and a consensus target price of $26.25.

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.