MGIC Investment Co. (NYSE:MTG) Stake Lowered by Edgestream Partners L.P.

Edgestream Partners L.P. cut its stake in shares of MGIC Investment Co. (NYSE:MTG) by 57.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 98,774 shares of the insurance provider’s stock after selling 134,620 shares during the quarter. Edgestream Partners L.P.’s holdings in MGIC Investment were worth $2,342,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in MTG. UMB Bank n.a. grew its holdings in shares of MGIC Investment by 131.9% during the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock valued at $39,000 after purchasing an additional 938 shares during the last quarter. Venturi Wealth Management LLC grew its holdings in MGIC Investment by 102.1% in the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock worth $43,000 after buying an additional 918 shares in the last quarter. V Square Quantitative Management LLC grew its holdings in MGIC Investment by 61.9% in the 4th quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock worth $49,000 after buying an additional 794 shares in the last quarter. Brooklyn Investment Group bought a new position in MGIC Investment in the 3rd quarter worth approximately $69,000. Finally, Covestor Ltd grew its holdings in MGIC Investment by 65.5% in the 3rd quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock worth $87,000 after buying an additional 1,341 shares in the last quarter. 95.58% of the stock is owned by institutional investors.

Insider Activity

In other news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction on Friday, February 21st. The stock was 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 in the company, valued at approximately $1,842,968.50. This represents a 5.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.05% of the company’s stock.

Analysts Set New Price Targets

MTG has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods decreased their price objective on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday, January 8th. Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $26.00 to $25.00 in a report on Monday, December 9th. Compass Point reissued a “neutral” rating and issued a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Barclays increased their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, UBS Group increased their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $26.75.

MGIC Investment Stock Performance

MTG opened at $23.80 on Monday. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of 8.21 and a beta of 1.28. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. MGIC Investment Co. has a 1-year low of $19.26 and a 1-year high of $26.56. The business has a 50 day moving average price of $24.38 and a two-hundred day moving average price of $24.82.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. Research analysts predict that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders 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 dividend yield of 2.19%. MGIC Investment’s dividend payout ratio (DPR) is presently 17.93%.

About MGIC Investment

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.