Van ECK Associates Corp Buys 46,112 Shares of MGIC Investment Co. (NYSE:MTG)

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

Other institutional investors and hedge funds also recently modified their holdings of the company. Versant Capital Management Inc grew its holdings in shares of MGIC Investment by 482.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider's stock valued at $25,000 after acquiring an additional 946 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of MGIC Investment during the 3rd quarter worth approximately $33,000. GAMMA Investing LLC raised its stake in shares of MGIC Investment by 76.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider's stock worth $66,000 after purchasing an additional 1,328 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of MGIC Investment by 600.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 4,200 shares of the insurance provider's stock valued at $94,000 after buying an additional 3,600 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of MGIC Investment by 233.4% in the second quarter. Blue Trust Inc. now owns 4,985 shares of the insurance provider's stock valued at $111,000 after buying an additional 3,490 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on MTG shares. BTIG Research lifted their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Monday, August 5th. Barclays boosted their price target on MGIC Investment from $23.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 8th. Royal Bank of Canada dropped their price objective on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating on the stock in a research note on Wednesday. Finally, Roth Mkm lifted their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a "buy" rating in a research note on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $25.50.

MGIC Investment Stock Performance

NYSE:MTG traded down $0.10 during mid-day trading on Friday, hitting $24.46. 1,698,768 shares of the stock were exchanged, compared to its average volume of 1,667,293. The firm's 50-day simple moving average is $25.22 and its 200 day simple moving average is $23.22. MGIC Investment Co. has a fifty-two week low of $17.25 and a fifty-two week high of $26.52. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of 8.61, a price-to-earnings-growth ratio of 1.39 and a beta of 1.28. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.11 and a current ratio of 1.25.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The firm had revenue of $306.65 million for the quarter, compared to the consensus estimate of $306.03 million. During the same period in the prior year, the company posted $0.64 earnings per share. The business's revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities analysts anticipate that MGIC Investment Co. will post 2.81 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

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

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.