Principal Financial Group Inc. Sells 287,480 Shares of MGIC Investment Co. (NYSE:MTG)

Principal Financial Group Inc. decreased its position in shares of MGIC Investment Co. (NYSE:MTG) by 32.4% during the third quarter, Holdings Channel.com reports. The fund owned 600,282 shares of the insurance provider’s stock after selling 287,480 shares during the quarter. Principal Financial Group Inc.’s holdings in MGIC Investment were worth $15,367,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in MTG. Hara Capital LLC bought a new position in shares of MGIC Investment in the third quarter worth about $25,000. V Square Quantitative Management LLC purchased a new position in MGIC Investment in the 3rd quarter worth approximately $33,000. Brooklyn Investment Group bought a new position in MGIC Investment in the 3rd quarter worth approximately $69,000. Covestor Ltd grew its holdings in MGIC Investment by 65.5% during the 3rd quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock valued at $87,000 after buying an additional 1,341 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of MGIC Investment by 41.7% during the third quarter. GAMMA Investing LLC now owns 4,352 shares of the insurance provider’s stock valued at $111,000 after buying an additional 1,281 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MTG shares. Royal Bank of Canada cut their target price 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. Barclays raised their price objective 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. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $29.00 target price on shares of MGIC Investment in a research report on Tuesday, December 10th. Finally, Bank of America cut MGIC Investment from a “buy” rating to an “underperform” rating and cut their price target for the company from $26.00 to $25.00 in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $26.00.

MGIC Investment Stock Performance

MTG stock opened at $23.69 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. MGIC Investment Co. has a 1-year low of $18.68 and a 1-year high of $26.56. The business has a 50-day moving average price of $24.85 and a 200 day moving average price of $24.21. The company has a market capitalization of $6.00 billion, a P/E ratio of 8.34, a PEG ratio of 1.75 and a beta of 1.27.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data 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. The company 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%. MGIC Investment’s revenue was up 3.4% compared to the same quarter last year. During the same period last year, the company posted $0.64 earnings per share. As a group, equities research analysts forecast that MGIC Investment Co. will post 2.85 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is currently 18.31%.

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.