Swiss National Bank Raises Stock Position in MGIC Investment Co. (NYSE:MTG)

Swiss National Bank grew its holdings in MGIC Investment Co. (NYSE:MTG) by 0.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 749,500 shares of the insurance provider’s stock after acquiring an additional 2,800 shares during the period. Swiss National Bank’s holdings in MGIC Investment were worth $11,213,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in MTG. JPMorgan Chase & Co. lifted its holdings in shares of MGIC Investment by 333.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,790,465 shares of the insurance provider’s stock worth $105,951,000 after acquiring an additional 5,992,615 shares during the last quarter. Natixis lifted its holdings in shares of MGIC Investment by 43.2% in the 2nd quarter. Natixis now owns 9,327,700 shares of the insurance provider’s stock worth $126,857,000 after acquiring an additional 2,812,000 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of MGIC Investment by 389.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,679,831 shares of the insurance provider’s stock worth $40,090,000 after acquiring an additional 2,132,507 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of MGIC Investment by 10.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 16,357,232 shares of the insurance provider’s stock worth $222,459,000 after acquiring an additional 1,607,007 shares during the last quarter. Finally, Morgan Stanley lifted its holdings in shares of MGIC Investment by 40.5% in the 2nd quarter. Morgan Stanley now owns 5,051,158 shares of the insurance provider’s stock worth $68,696,000 after acquiring an additional 1,456,019 shares during the last quarter. Hedge funds and other institutional investors own 95.17% of the company’s stock.

NYSE MTG opened at $16.46 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.34 and a current ratio of 0.34. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 9.29, a price-to-earnings-growth ratio of 1.60 and a beta of 1.71. The company’s 50-day simple moving average is $14.76 and its two-hundred day simple moving average is $14.84. MGIC Investment Co. has a one year low of $11.56 and a one year high of $16.84.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, November 3rd. The insurance provider reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. The business had revenue of $294.74 million for the quarter. MGIC Investment had a net margin of 51.30% and a return on equity of 12.61%. During the same period last year, the business posted $0.43 EPS. Equities analysts expect that MGIC Investment Co. will post 1.76 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 23rd. Shareholders of record on Thursday, November 11th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend was Tuesday, November 9th. MGIC Investment’s dividend payout ratio (DPR) is 18.08%.

In other MGIC Investment news, Director Daniel A. Arrigoni bought 5,000 shares of the business’s stock in a transaction on Thursday, December 2nd. The shares were acquired at an average price of $14.19 per share, with a total value of $70,950.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.67% of the company’s stock.

Several equities research analysts have recently issued reports on MTG shares. Barclays raised their target price on shares of MGIC Investment from $19.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, January 10th. Credit Suisse Group lifted their price objective on shares of MGIC Investment from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, October 11th. B. Riley lifted their price objective on shares of MGIC Investment from $18.00 to $19.00 and gave the company a “buy” rating in a report on Wednesday, October 13th. Bank of America lowered shares of MGIC Investment from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $16.00 to $16.50 in a report on Wednesday, November 17th. Finally, Zacks Investment Research upgraded shares of MGIC Investment from a “hold” rating to a “strong-buy” rating and set a $19.00 price objective for the company in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, MGIC Investment has a consensus rating of “Buy” and an average price target of $18.07.

About MGIC Investment

MGIC Investment Corp. is a private mortgage insurer that serves lenders throughout the United States, and Puerto Rico. It also provides lenders with underwriting and other services and products related to home mortgage lending through its subsidiaries, such as Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp.

Further Reading: Net Income

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Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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