HighTower Advisors LLC Sells 5,049 Shares of MGIC Investment Co. (NYSE:MTG)

HighTower Advisors LLC decreased its position in shares of MGIC Investment Co. (NYSE:MTG) by 12.7% during the third quarter, Holdings Channel.com reports. The institutional investor owned 34,623 shares of the insurance provider’s stock after selling 5,049 shares during the quarter. HighTower Advisors LLC’s holdings in MGIC Investment were worth $889,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its position in MGIC Investment by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock valued at $326,375,000 after purchasing an additional 556,859 shares during the period. Caisse DE Depot ET Placement DU Quebec purchased a new position in MGIC Investment during the third quarter valued at approximately $13,535,000. WINTON GROUP Ltd raised its stake in MGIC Investment by 440.3% in the second quarter. WINTON GROUP Ltd now owns 521,001 shares of the insurance provider’s stock worth $11,228,000 after buying an additional 424,580 shares in the last quarter. Vest Financial LLC lifted its holdings in MGIC Investment by 22.7% during the second quarter. Vest Financial LLC now owns 1,073,756 shares of the insurance provider’s stock worth $23,139,000 after buying an additional 198,553 shares during the period. Finally, CX Institutional bought a new stake in MGIC Investment during the 3rd quarter valued at $4,911,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

MTG has been the subject of several recent research reports. Royal Bank of Canada reduced their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $29.00 price target on shares of MGIC Investment in a research report on Tuesday, December 10th. Barclays lifted their price objective on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Finally, Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and decreased their target price for the company from $26.00 to $25.00 in a research report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, MGIC Investment presently has an average rating of “Hold” and a consensus target price of $26.00.

MGIC Investment Stock Performance

Shares of MGIC Investment stock opened at $24.29 on Wednesday. The firm has a market capitalization of $6.15 billion, a P/E ratio of 8.55, a PEG ratio of 1.77 and a beta of 1.27. MGIC Investment Co. has a 52 week low of $18.68 and a 52 week high of $26.56. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The company has a 50 day moving average price of $25.19 and a 200 day moving average price of $24.10.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.66 by $0.11. The business had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 earnings per share. Sell-side analysts expect that MGIC Investment Co. will post 2.85 EPS for the current year.

MGIC Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend was Thursday, November 7th. MGIC Investment’s payout ratio is 18.31%.

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.