Mirae Asset Global Investments Co. Ltd. Acquires 77,426 Shares of MGIC Investment Co. (NYSE:MTG)

Mirae Asset Global Investments Co. Ltd. increased its holdings in MGIC Investment Co. (NYSE:MTG) by 157.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 126,617 shares of the insurance provider’s stock after acquiring an additional 77,426 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in MGIC Investment were worth $2,442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Vest Financial LLC increased its stake in shares of MGIC Investment by 29.4% in the 4th quarter. Vest Financial LLC now owns 690,877 shares of the insurance provider’s stock worth $13,327,000 after acquiring an additional 157,036 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in MGIC Investment by 335.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 103,129 shares of the insurance provider’s stock valued at $1,989,000 after purchasing an additional 79,457 shares in the last quarter. Invesco Ltd. increased its stake in MGIC Investment by 47.3% during the 3rd quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock valued at $52,983,000 after purchasing an additional 1,019,759 shares in the last quarter. LSV Asset Management increased its stake in MGIC Investment by 8.5% during the 3rd quarter. LSV Asset Management now owns 10,427,565 shares of the insurance provider’s stock valued at $174,036,000 after purchasing an additional 820,182 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in MGIC Investment by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,792,357 shares of the insurance provider’s stock valued at $46,604,000 after purchasing an additional 40,502 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Stock Performance

Shares of NYSE MTG opened at $19.58 on Friday. The firm’s 50-day moving average price is $20.34 and its 200-day moving average price is $18.99. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.13. The company has a market cap of $5.28 billion, a PE ratio of 7.86, a PEG ratio of 1.61 and a beta of 1.24. MGIC Investment Co. has a 52-week low of $13.97 and a 52-week high of $22.43.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, January 31st. The insurance provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The company had revenue of $284.72 million for the quarter, compared to the consensus estimate of $302.96 million. MGIC Investment had a net margin of 61.72% and a return on equity of 14.82%. As a group, analysts anticipate that MGIC Investment Co. will post 2.43 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 5th. Investors of record on Thursday, February 15th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend was Wednesday, February 14th. MGIC Investment’s payout ratio is 18.47%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MTG. Roth Mkm raised their price objective on shares of MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Royal Bank of Canada raised their price objective on shares of MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a research note on Friday, February 2nd. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $24.00 price objective (up from $23.50) on shares of MGIC Investment in a research note on Thursday, April 4th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $21.08.

About MGIC Investment

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.