Federated Hermes Inc. Decreases Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Federated Hermes Inc. reduced its holdings in MGIC Investment Co. (NYSE:MTG) by 6.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,503 shares of the insurance provider’s stock after selling 2,677 shares during the period. Federated Hermes Inc.’s holdings in MGIC Investment were worth $873,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Norges Bank purchased a new position in MGIC Investment in the fourth quarter worth about $62,047,000. Jupiter Asset Management Ltd. lifted its stake in shares of MGIC Investment by 134.8% in the 1st quarter. Jupiter Asset Management Ltd. now owns 1,537,972 shares of the insurance provider’s stock valued at $34,389,000 after purchasing an additional 882,984 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in MGIC Investment by 33.6% during the fourth quarter. Allianz Asset Management GmbH now owns 3,008,255 shares of the insurance provider’s stock worth $58,029,000 after buying an additional 757,021 shares during the period. First Trust Advisors LP boosted its stake in shares of MGIC Investment by 3.6% during the 4th quarter. First Trust Advisors LP now owns 12,067,181 shares of the insurance provider’s stock worth $232,776,000 after purchasing an additional 415,628 shares during the period. Finally, Franklin Resources Inc. grew its stake in shares of MGIC Investment by 51.1% during the fourth quarter. Franklin Resources Inc. now owns 964,396 shares of the insurance provider’s stock valued at $18,603,000 after buying an additional 326,337 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on MTG shares. Barclays raised their price target on MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Roth Mkm raised their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $24.00 to $25.00 in a research report on Monday, June 3rd. Finally, BTIG Research raised their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $24.33.

MGIC Investment Stock Down 1.3 %

Shares of MGIC Investment stock opened at $25.38 on Monday. MGIC Investment Co. has a 1 year low of $16.30 and a 1 year high of $25.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $6.77 billion, a price-to-earnings ratio of 9.76, a PEG ratio of 1.30 and a beta of 1.28. The firm’s 50-day moving average is $24.38 and its two-hundred day moving average is $22.16.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The company had revenue of $305.28 million for the quarter, compared to the consensus estimate of $301.02 million. During the same quarter last year, the company earned $0.68 earnings per share. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, research analysts expect that MGIC Investment Co. will post 2.76 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.05%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, August 8th. MGIC Investment’s dividend payout ratio (DPR) is 20.00%.

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.