Zurcher Kantonalbank Zurich Cantonalbank Sells 3,397 Shares of MGIC Investment Co. (NYSE:MTG)

Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 4.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 66,771 shares of the insurance provider’s stock after selling 3,397 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in MGIC Investment were worth $1,583,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Franklin Resources Inc. boosted its holdings in shares of MGIC Investment by 6.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock valued at $41,836,000 after buying an additional 98,369 shares during the last quarter. Vestcor Inc boosted its holdings in shares of MGIC Investment by 559.3% in the 3rd quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock valued at $1,538,000 after buying an additional 50,979 shares during the last quarter. Ritholtz Wealth Management boosted its holdings in shares of MGIC Investment by 13.4% in the 4th quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider’s stock valued at $2,174,000 after buying an additional 10,864 shares during the last quarter. Hancock Whitney Corp acquired a new stake in shares of MGIC Investment in the 3rd quarter valued at approximately $777,000. Finally, Janney Montgomery Scott LLC boosted its holdings in shares of MGIC Investment by 33.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider’s stock valued at $958,000 after buying an additional 10,130 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Down 0.2 %

MTG opened at $23.04 on Tuesday. MGIC Investment Co. has a fifty-two week low of $19.26 and a fifty-two week high of $26.56. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. The company has a market capitalization of $5.59 billion, a P/E ratio of 7.95 and a beta of 1.28. The stock has a fifty day moving average of $24.28 and a 200-day moving average of $24.74.

MGIC Investment (NYSE:MTG) last posted its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. On average, equities analysts expect that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend was Tuesday, February 18th. MGIC Investment’s dividend payout ratio is currently 17.93%.

Insider Transactions at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $24.55, for a total value of $112,930.00. Following the transaction, the chief accounting officer now owns 75,070 shares in the company, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.05% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and cut their price objective for the company from $26.00 to $25.00 in a report on Monday, December 9th. UBS Group raised their price target on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Keefe, Bruyette & Woods cut their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday, January 8th. Compass Point reaffirmed a “neutral” rating and set a $27.00 price target (up previously from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Finally, Barclays raised their price target on MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $26.75.

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.