DekaBank Deutsche Girozentrale Grows Stake in MGIC Investment Co. (NYSE:MTG)

DekaBank Deutsche Girozentrale grew its holdings in MGIC Investment Co. (NYSE:MTG) by 24.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 369,053 shares of the insurance provider’s stock after acquiring an additional 73,474 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in MGIC Investment were worth $8,132,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Adams Wealth Management grew its stake in MGIC Investment by 21.1% during the 1st quarter. Adams Wealth Management now owns 107,826 shares of the insurance provider’s stock worth $2,411,000 after buying an additional 18,801 shares during the last quarter. EMC Capital Management grew its stake in MGIC Investment by 67.0% during the 1st quarter. EMC Capital Management now owns 33,093 shares of the insurance provider’s stock worth $740,000 after buying an additional 13,279 shares during the last quarter. Comerica Bank grew its stake in MGIC Investment by 15.0% during the 1st quarter. Comerica Bank now owns 151,939 shares of the insurance provider’s stock worth $3,397,000 after buying an additional 19,841 shares during the last quarter. Virtus Investment Advisers Inc. purchased a new position in MGIC Investment during the 1st quarter worth approximately $469,000. Finally, Public Employees Retirement System of Ohio grew its stake in MGIC Investment by 1.4% during the 1st quarter. Public Employees Retirement System of Ohio now owns 189,400 shares of the insurance provider’s stock worth $4,235,000 after buying an additional 2,580 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Price Performance

Shares of MGIC Investment stock traded down $0.37 during trading on Friday, reaching $24.14. The company’s stock had a trading volume of 2,724,839 shares, compared to its average volume of 1,719,740. The company has a quick ratio of 1.05, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. MGIC Investment Co. has a 12-month low of $16.30 and a 12-month high of $25.93. The company has a market capitalization of $6.26 billion, a P/E ratio of 9.28, a price-to-earnings-growth ratio of 3.02 and a beta of 1.28. The business has a 50 day moving average price of $22.03 and a 200-day moving average price of $20.91.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The firm had revenue of $305.28 million for the quarter, compared to the consensus estimate of $301.02 million. During the same period in the previous year, the business earned $0.68 earnings per share. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that MGIC Investment Co. will post 2.54 EPS for the current year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.15%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, August 8th. MGIC Investment’s payout ratio is presently 17.69%.

Analysts Set New Price Targets

MTG has been the topic of a number of research reports. Roth Mkm raised their price target on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday. UBS Group increased their price objective on MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 22nd. Keefe, Bruyette & Woods raised MGIC Investment from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $24.00 to $25.00 in a research report on Monday, June 3rd. Finally, Barclays increased their price objective on MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Friday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, MGIC Investment presently has a consensus rating of “Hold” and an average price target of $24.20.

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.