Exchange Traded Concepts LLC Has $2.92 Million Stock Position in MGIC Investment Co. (NYSE:MTG)

Exchange Traded Concepts LLC lifted its stake in shares of MGIC Investment Co. (NYSE:MTG) by 4.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,962 shares of the insurance provider’s stock after purchasing an additional 4,408 shares during the quarter. Exchange Traded Concepts LLC’s holdings in MGIC Investment were worth $2,917,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Vident Advisory LLC lifted its position in MGIC Investment by 21.1% in the 1st quarter. Vident Advisory LLC now owns 212,660 shares of the insurance provider’s stock valued at $4,755,000 after acquiring an additional 37,030 shares in the last quarter. LSV Asset Management lifted its holdings in shares of MGIC Investment by 1.6% in the first 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 in the last quarter. Sei Investments Co. boosted its position in shares of MGIC Investment by 31.7% during the first quarter. Sei Investments Co. now owns 496,778 shares of the insurance provider’s stock valued at $11,108,000 after buying an additional 119,476 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in MGIC Investment by 110.9% during the first quarter. Janney Montgomery Scott LLC now owns 61,539 shares of the insurance provider’s stock worth $1,376,000 after buying an additional 32,358 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in MGIC Investment by 24.9% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 369,053 shares of the insurance provider’s stock valued at $8,132,000 after buying an additional 73,474 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Performance

NYSE:MTG opened at $25.80 on Tuesday. The company has a market capitalization of $6.88 billion, a P/E ratio of 9.92, a P/E/G ratio of 1.35 and a beta of 1.28. The business has a fifty day simple moving average of $24.87 and a two-hundred day simple moving average of $22.64. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.11. MGIC Investment Co. has a 1 year low of $16.32 and a 1 year high of $25.93.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. The business had revenue of $305.28 million for 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%. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.68 EPS. On average, analysts expect that MGIC Investment Co. will post 2.76 earnings per share for the current year.

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 2.02%. MGIC Investment’s dividend payout ratio (DPR) is 20.00%.

Analysts Set New Price Targets

Several research firms have recently issued reports on MTG. Barclays upped their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Roth Mkm increased 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. Finally, BTIG Research lifted their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. 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, MGIC Investment has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

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.