Glenmede Trust Co. NA Trims Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Glenmede Trust Co. NA decreased its holdings in MGIC Investment Co. (NYSE:MTG) by 15.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 79,745 shares of the insurance provider’s stock after selling 14,756 shares during the period. Glenmede Trust Co. NA’s holdings in MGIC Investment were worth $2,041,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale increased its stake in shares of MGIC Investment by 24.9% in the first quarter. DekaBank Deutsche Girozentrale now owns 369,053 shares of the insurance provider’s stock worth $8,132,000 after purchasing an additional 73,474 shares in the last quarter. GSA Capital Partners LLP increased its stake in shares of MGIC Investment by 154.1% in the third quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider’s stock worth $2,476,000 after purchasing an additional 58,664 shares in the last quarter. Edgestream Partners L.P. increased its stake in shares of MGIC Investment by 153.9% in the second quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider’s stock worth $5,279,000 after purchasing an additional 148,494 shares in the last quarter. Panagora Asset Management Inc. increased its stake in shares of MGIC Investment by 14.8% in the second quarter. Panagora Asset Management Inc. now owns 505,155 shares of the insurance provider’s stock worth $10,886,000 after purchasing an additional 65,315 shares in the last quarter. Finally, Mackenzie Financial Corp increased its stake in shares of MGIC Investment by 2.9% in the second quarter. Mackenzie Financial Corp now owns 879,674 shares of the insurance provider’s stock worth $18,957,000 after purchasing an additional 24,627 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

MTG has been the subject of several recent analyst reports. Barclays boosted their price objective on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. BTIG Research boosted their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Royal Bank of Canada reduced 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 note on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.50.

MGIC Investment Trading Up 0.6 %

Shares of MGIC Investment stock opened at $26.26 on Monday. MGIC Investment Co. has a 1 year low of $17.33 and a 1 year high of $26.56. The firm has a market cap of $6.65 billion, a PE ratio of 9.25, a PEG ratio of 1.88 and a beta of 1.28. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. The company has a 50 day simple moving average of $25.26 and a two-hundred day simple moving average of $23.73.

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 the consensus estimate of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. During the same period in the previous year, the business posted $0.64 earnings per share. MGIC Investment’s revenue for the quarter was up 3.4% on a year-over-year basis. Analysts expect that MGIC Investment Co. will post 2.85 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 1.98%. MGIC Investment’s payout ratio is presently 18.31%.

About MGIC Investment

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.