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

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

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Lazard Asset Management LLC bought a new stake in shares of MGIC Investment during the first quarter worth about $26,000. Blue Trust Inc. increased its position in shares of MGIC Investment by 49.2% during the fourth quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider’s stock worth $50,000 after acquiring an additional 849 shares in the last quarter. Planned Solutions Inc. bought a new stake in shares of MGIC Investment during the fourth quarter worth about $66,000. Industrial Alliance Investment Management Inc. increased its position in shares of MGIC Investment by 374.0% during the fourth quarter. Industrial Alliance Investment Management Inc. now owns 3,925 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 3,097 shares in the last quarter. Finally, USA Financial Formulas bought a new stake in shares of MGIC Investment during the third quarter worth about $100,000. 95.58% of the stock is owned by institutional investors.

MGIC Investment Stock Up 1.0 %

MTG opened at $19.58 on Friday. 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 stock has a market cap of $5.28 billion, a price-to-earnings ratio of 7.86, a PEG ratio of 1.61 and a beta of 1.24. MGIC Investment Co. has a twelve month low of $13.97 and a twelve month high of $22.43. The company’s 50-day moving average price is $20.34 and its two-hundred day moving average price is $18.99.

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

MGIC Investment Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts have recently commented on MTG shares. Royal Bank of Canada boosted their target price on shares of MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a research report on Friday, February 2nd. Roth Mkm boosted their price target on shares of MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $24.00 price target (up from $23.50) on shares of MGIC Investment in a report on Thursday, April 4th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $21.08.

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.