MGIC Investment Corporation $MTG Position Trimmed by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in MGIC Investment Corporation (NYSE:MTG) by 4.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 512,127 shares of the insurance provider’s stock after selling 26,069 shares during the quarter. Principal Financial Group Inc. owned 0.23% of MGIC Investment worth $14,529,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Lingohr Asset Management GmbH boosted its position in MGIC Investment by 1,625.5% during the 3rd quarter. Lingohr Asset Management GmbH now owns 233,534 shares of the insurance provider’s stock worth $6,625,000 after acquiring an additional 220,000 shares during the period. Moody Aldrich Partners LLC purchased a new stake in shares of MGIC Investment in the third quarter worth approximately $4,648,000. Sequoia Financial Advisors LLC acquired a new stake in shares of MGIC Investment during the second quarter worth approximately $568,000. North Star Asset Management Inc. purchased a new position in MGIC Investment during the second quarter valued at approximately $375,000. Finally, Thrivent Financial for Lutherans increased its stake in MGIC Investment by 17.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 472,083 shares of the insurance provider’s stock valued at $13,393,000 after buying an additional 71,474 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Timothy J. Mattke sold 139,203 shares of the business’s stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the completion of the transaction, the chief executive officer owned 822,588 shares of the company’s stock, valued at approximately $21,806,807.88. The trade was a 14.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $27.27, for a total value of $818,100.00. Following the sale, the chief operating officer owned 454,245 shares of the company’s stock, valued at approximately $12,387,261.15. The trade was a 6.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 189,203 shares of company stock valued at $5,058,572 in the last quarter. Insiders own 1.41% of the company’s stock.

MGIC Investment Stock Performance

Shares of NYSE MTG opened at $26.60 on Tuesday. The business’s 50-day simple moving average is $28.05 and its 200-day simple moving average is $27.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.48 and a current ratio of 0.78. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.97. The firm has a market cap of $5.95 billion, a price-to-earnings ratio of 8.47, a P/E/G ratio of 2.17 and a beta of 0.83.

MGIC Investment (NYSE:MTG) last announced its earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.The firm had revenue of $298.65 million during the quarter, compared to analysts’ expectations of $308.19 million. During the same quarter in the prior year, the business earned $0.72 earnings per share. The company’s revenue was down .9% on a year-over-year basis. As a group, equities research analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Tuesday, February 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.3%. The ex-dividend date is Tuesday, February 17th. MGIC Investment’s dividend payout ratio (DPR) is 19.11%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Weiss Ratings lowered shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday. Keefe, Bruyette & Woods lifted their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a research report on Thursday, December 18th. Finally, Barclays lowered their target price on MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 4th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $27.50.

About MGIC Investment

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.