Assenagon Asset Management S.A. Makes New $8.36 Million Investment in MGIC Investment Co. (NYSE:MTG)

Assenagon Asset Management S.A. bought a new stake in shares of MGIC Investment Co. (NYSE:MTG) in the 4th quarter, HoldingsChannel.com reports. The fund bought 352,684 shares of the insurance provider’s stock, valued at approximately $8,362,000.

Several other institutional investors and hedge funds have also recently modified their holdings of MTG. State of Alaska Department of Revenue raised its position in shares of MGIC Investment by 0.4% in the third quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock valued at $3,858,000 after buying an additional 540 shares during the last quarter. Lindenwold Advisors INC grew its stake in MGIC Investment by 3.7% during the 3rd quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock valued at $425,000 after acquiring an additional 592 shares in the last quarter. Financial Strategies Group Inc. raised its holdings in MGIC Investment by 9.2% in the 3rd quarter. Financial Strategies Group Inc. now owns 11,440 shares of the insurance provider’s stock valued at $295,000 after acquiring an additional 966 shares during the last quarter. Hara Capital LLC purchased a new position in MGIC Investment in the 3rd quarter worth approximately $25,000. Finally, KBC Group NV boosted its holdings in shares of MGIC Investment by 16.4% during the 3rd quarter. KBC Group NV now owns 7,386 shares of the insurance provider’s stock worth $189,000 after purchasing an additional 1,043 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Performance

NYSE MTG opened at $24.48 on Monday. The stock has a fifty day simple moving average of $24.51 and a 200-day simple moving average of $24.51. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. MGIC Investment Co. has a twelve month low of $18.68 and a twelve month high of $26.56. The stock has a market cap of $6.20 billion, a PE ratio of 8.62, a P/E/G ratio of 1.72 and a beta of 1.29.

MGIC Investment (NYSE:MTG) last announced its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The company had revenue of $306.65 million for the quarter, compared to analyst estimates of $306.03 million. During the same quarter in the previous year, the company earned $0.64 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. Equities analysts anticipate that MGIC Investment Co. will post 2.85 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were issued a dividend of $0.13 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 2.12%. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

Analysts Set New Price Targets

Several research firms recently commented on MTG. Bank of America cut MGIC Investment from a “buy” rating to an “underperform” rating and cut their price target for the company from $26.00 to $25.00 in a report on Monday, December 9th. Keefe, Bruyette & Woods cut their target price on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research note on Wednesday, January 8th. Barclays boosted their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Finally, Royal Bank of Canada cut their price objective on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $25.86.

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.