Exchange Traded Concepts LLC Acquires 11,108 Shares of MGIC Investment Co. (NYSE:MTG)

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

Several other hedge funds also recently made changes to their positions in the business. Impact Partnership Wealth LLC bought a new position in shares of MGIC Investment in the fourth quarter worth $459,000. Inspire Investing LLC lifted its holdings in shares of MGIC Investment by 4.8% during the 4th quarter. Inspire Investing LLC now owns 16,883 shares of the insurance provider’s stock worth $400,000 after acquiring an additional 766 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of MGIC Investment by 33.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider’s stock worth $958,000 after acquiring an additional 10,130 shares in the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of MGIC Investment by 13.5% during the 4th quarter. Crossmark Global Holdings Inc. now owns 61,173 shares of the insurance provider’s stock worth $1,450,000 after acquiring an additional 7,290 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in MGIC Investment by 131.9% in the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock valued at $39,000 after acquiring an additional 938 shares during the last quarter. 95.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on MTG. Barclays raised their target price on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. Royal Bank of Canada reduced their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $25.86.

MGIC Investment Stock Performance

NYSE:MTG opened at $24.76 on Friday. The stock’s 50-day moving average is $24.49 and its 200-day moving average is $24.58. MGIC Investment Co. has a 1-year low of $18.68 and a 1-year high of $26.56. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market cap of $6.27 billion, a P/E ratio of 8.72, a price-to-earnings-growth ratio of 1.85 and a beta of 1.29.

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

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.