Vanguard Group Inc. Has $813.97 Million Position in MGIC Investment Co. (NYSE:MTG)

Vanguard Group Inc. trimmed its position in MGIC Investment Co. (NYSE:MTG) by 1.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,330,414 shares of the insurance provider’s stock after selling 629,553 shares during the quarter. Vanguard Group Inc. owned 13.55% of MGIC Investment worth $813,974,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MTG. State Street Corp raised its holdings 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 buying an additional 73,851 shares in the last quarter. Allianz Asset Management GmbH grew its position in MGIC Investment by 8.2% in the fourth quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock valued at $130,289,000 after acquiring an additional 415,586 shares during the last quarter. NewEdge Wealth LLC raised its stake in MGIC Investment by 11.6% during the fourth 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 in the last quarter. Franklin Resources Inc. lifted its holdings in shares of MGIC Investment by 6.5% in the third 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% in the 4th quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider’s stock valued at $35,213,000 after purchasing an additional 371,882 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $26.00 to $25.00 in a research note on Monday, December 9th. Barclays increased their price target on MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Keefe, Bruyette & Woods reduced their price objective on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research report on Wednesday, January 8th. UBS Group increased their target price on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Compass Point restated a “neutral” rating and set a $27.00 price target (up from $24.00) on shares of MGIC Investment 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 assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $26.75.

Insiders Place Their Bets

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

MGIC Investment Trading Down 1.7 %

Shares of MTG stock opened at $24.41 on Friday. The stock has a 50-day moving average of $24.34 and a 200-day moving average of $24.67. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market cap of $5.92 billion, a price-to-earnings ratio of 8.42 and a beta of 1.28. MGIC Investment Co. has a 1-year low of $19.26 and a 1-year high of $26.56.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (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%. On average, equities research analysts forecast that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were given a dividend of $0.13 per share. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a yield of 2.13%. MGIC Investment’s dividend payout ratio (DPR) is currently 17.93%.

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.