Swiss National Bank Sells 10,500 Shares of MGIC Investment Co. (NYSE:MTG)

Swiss National Bank lowered its position in shares of MGIC Investment Co. (NYSE:MTG) by 2.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 509,800 shares of the insurance provider’s stock after selling 10,500 shares during the quarter. Swiss National Bank’s holdings in MGIC Investment were worth $12,087,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MTG. State Street Corp boosted its stake in shares of MGIC Investment by 0.8% during the 3rd quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock worth $232,767,000 after acquiring an additional 73,851 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in shares of MGIC Investment by 8.2% during the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock worth $130,289,000 after acquiring an additional 415,586 shares during the last quarter. NewEdge Wealth LLC boosted its stake in shares of MGIC Investment by 11.6% during the 4th quarter. NewEdge Wealth LLC now owns 1,837,821 shares of the insurance provider’s stock worth $43,575,000 after acquiring an additional 190,450 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of MGIC Investment by 6.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after acquiring an additional 98,369 shares during the last quarter. Finally, Vest Financial LLC boosted its stake in shares of MGIC Investment by 33.4% during the 4th quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider’s stock worth $35,213,000 after acquiring an additional 371,882 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Julie K. Sperber sold 4,600 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total value of $112,930.00. Following the sale, the chief accounting officer now directly owns 75,070 shares in the company, valued at $1,842,968.50. The trade was a 5.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.05% of the company’s stock.

MGIC Investment Stock Up 1.2 %

Shares of MTG stock opened at $23.69 on Friday. The stock has a market cap of $5.75 billion, a P/E ratio of 8.17 and a beta of 1.28. MGIC Investment Co. has a 52 week low of $19.26 and a 52 week high of $26.56. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. The company’s fifty day simple moving average is $24.27 and its two-hundred day simple moving average is $24.71.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. Analysts predict that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.20%. The ex-dividend date was Tuesday, February 18th. MGIC Investment’s payout ratio is currently 17.93%.

Wall Street Analysts Forecast Growth

MTG has been the topic of several analyst reports. Compass Point reiterated a “neutral” rating and set a $27.00 price target (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Keefe, Bruyette & Woods lowered their target price on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research note on Wednesday, January 8th. UBS Group lifted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Barclays lifted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and lowered their target price for the company from $26.00 to $25.00 in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $26.75.

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.