Vanguard Group Inc. Sells 629,553 Shares of MGIC Investment Co. (NYSE:MTG)

Vanguard Group Inc. trimmed its position in shares of MGIC Investment Co. (NYSE:MTG) by 1.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,330,414 shares of the insurance provider’s stock after selling 629,553 shares during the quarter. Vanguard Group Inc. owned 0.14% of MGIC Investment worth $813,974,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of MTG. BNP Paribas Financial Markets lifted its stake in shares of MGIC Investment by 26.0% in the third quarter. BNP Paribas Financial Markets now owns 307,547 shares of the insurance provider’s stock valued at $7,873,000 after buying an additional 63,473 shares in the last quarter. Bridgewater Associates LP bought a new position in MGIC Investment in the 3rd quarter valued at about $774,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in MGIC Investment by 9.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,168 shares of the insurance provider’s stock valued at $1,796,000 after acquiring an additional 6,138 shares in the last quarter. Verition Fund Management LLC boosted its stake in MGIC Investment by 96.4% during the 3rd quarter. Verition Fund Management LLC now owns 22,500 shares of the insurance provider’s stock valued at $576,000 after purchasing an additional 11,046 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec bought a new stake in MGIC Investment during the 3rd quarter worth approximately $13,535,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Down 1.7 %

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

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

MGIC Investment Announces Dividend

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

Insider Activity at MGIC Investment

In other news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment 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 completion of the transaction, the chief accounting officer now owns 75,070 shares in the company, valued at $1,842,968.50. This trade represents a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.05% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on MTG shares. UBS Group raised their target price 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 dropped their price objective on 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. Compass Point reiterated a “neutral” rating and issued a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Barclays raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and reduced their price objective for the stock 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, five have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.75.

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.