Meeder Asset Management Inc. increases its stake in MGIC Investment Co. (NYSE:MTG)

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Meeder Asset Management Inc. increased its stake in shares of MGIC Investment Co. (NYSE:MTG – Get Rating) by 87,240.0% during the 1st quarter, according to the company in its latest 13F filing with the SEC. The institutional investor held 4,367 shares of the insurance provider after purchasing an additional 4,362 shares during the quarter. Meeder Asset Management Inc.’s holdings in MGIC Investment were worth $59,000 at the end of the last quarter.

Other institutional investors and hedge funds have also recently changed their positions in the company. Nordea Investment Management AB increased its position in MGIC Investment shares by 1.6% during the 1st quarter. Nordea Investment Management AB now owns 525,044 shares of the insurance provider valued at $7,324,000 after buying 8,163 additional shares last quarter. Cornercap Investment Counsel Inc. increased its position in MGIC Investment by 4.4% in the 1st quarter. Cornercap Investment Counsel Inc. now owns 39,742 shares of the insurance provider worth $539,000 after purchasing an additional 1,659 shares during the period. Baird Financial Group Inc. increased its position in MGIC Investment by 72.3% in the 4th quarter. Baird Financial Group Inc. now owns 24,612 shares of the insurance provider worth $355,000 after purchasing an additional 10,328 shares during the period. Gator Capital Management LLC bought a new position in MGIC Investment in Q4 worth $2,021,000. Finally, AlphaCrest Capital Management LLC increased its position in MGIC Investment by 288.8% in the 4th quarter. AlphaCrest Capital Management LLC now owns 121,490 shares of the insurance provider worth $1,752,000 after purchasing an additional 90,243 shares during the period. Hedge funds and other institutional investors hold 94.10% of the company’s shares.

Analyst upgrades and downgrades

A number of brokerages have recently commented on MTG. Credit Suisse Group raised its target price on MGIC Investment shares to $17.00 in a research report on Monday. Royal Bank of Canada upgraded shares of MGIC Investment from a “sector performance” rating to an “outperform” rating and raised its target price for the stock from $15.00 to $16.00 in a research report of Thursday, June 23. StockNews.com upgraded shares of MGIC Investment from a “hold” rating to a “buy” rating in a Friday, August 5 research report. Finally, Bank of America upgraded shares of MGIC Investment from a “neutral” rating to a “buy” rating and set a target price of $18.00 on the stock in a Thursday, August 18 research report. One research analyst gave the stock a hold rating and five gave the company a buy rating. According to MarketBeat, MGIC Investment currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.33.

MGIC Investment Price Performance

Shares of MGIC Investment opened at $15.06 on Tuesday. The company has a market capitalization of $4.57 billion, a PE ratio of 6.49, a growth price-earnings ratio of 1.26 and a beta of 1.47. MGIC Investment Co. has a 12-month low of $11.38 and a 12-month high of $16.84. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt ratio of 0.20. The company’s fifty-day simple moving average is $13.51 and its two-hundred-day simple moving average is $13.79.

MGIC Investment increases its dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 25. Shareholders of record on Thursday, August 11 will receive a dividend of $0.10. This represents a dividend of $0.40 on an annualized basis and a yield of 2.66%. The ex-dividend date is Wednesday, August 10. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.08. The dividend payout ratio (DPR) of MGIC Investment is 17.24%.

About MGIC Investment

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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, Puerto Rico and in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest, and various expenses associated with default and subsequent foreclosure.

Further reading

Want to see which other hedge funds hold MTG? Visit HoldingsChannel.com for the latest 13F filings and insider trading for MGIC Investment Co. (NYSE:MTG – Get Rating).

Institutional ownership by quarter for MGIC Investment (NYSE:MTG)



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