Exchange Traded Concepts LLC Has $2.97 Million Stake in MGIC Investment Co. (NYSE:MTG)

Exchange Traded Concepts LLC increased its stake in MGIC Investment Co. (NYSE:MTG) by 9.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 125,070 shares of the insurance provider’s stock after purchasing an additional 11,108 shares during the period. Exchange Traded Concepts LLC’s holdings in MGIC Investment were worth $2,965,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Hara Capital LLC acquired a new position in shares of MGIC Investment during the third quarter worth about $25,000. V Square Quantitative Management LLC acquired a new position in MGIC Investment during the 3rd quarter worth approximately $33,000. UMB Bank n.a. grew its stake in shares of MGIC Investment by 131.9% during the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 938 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of MGIC Investment in the third quarter valued at approximately $69,000. Finally, Covestor Ltd lifted its position in shares of MGIC Investment by 65.5% in the third quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock worth $87,000 after purchasing an additional 1,341 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MTG. Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and lowered their price target for the company from $26.00 to $25.00 in a research note on Monday, December 9th. Royal Bank of Canada lowered their target price on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Barclays increased their price target on 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, Keefe, Bruyette & Woods lowered their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $25.86.

MGIC Investment Stock Performance

Shares of NYSE MTG opened at $24.76 on Friday. MGIC Investment Co. has a 12 month low of $18.68 and a 12 month high of $26.56. The company has a market capitalization of $6.27 billion, a P/E ratio of 8.72, a P/E/G ratio of 1.85 and a beta of 1.29. The stock has a 50 day moving average of $24.49 and a 200-day moving average of $24.58. 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 (NYSE:MTG) last released its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.11. The firm had revenue of $306.65 million for the quarter, compared to analysts’ expectations of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business’s revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 EPS. As a group, equities research analysts predict that MGIC Investment Co. will post 2.85 EPS for the current year.

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.