Amundi Makes New $8.91 Million Investment in MGIC Investment Co. (NYSE:MTG)

Amundi purchased a new stake in MGIC Investment Co. (NYSE:MTG - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 377,228 shares of the insurance provider's stock, valued at approximately $8,914,000. Amundi owned about 0.15% of MGIC Investment as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Larson Financial Group LLC boosted its stake in shares of MGIC Investment by 10.5% in the 4th quarter. Larson Financial Group LLC now owns 116,544 shares of the insurance provider's stock valued at $2,763,000 after purchasing an additional 11,112 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in MGIC Investment by 6.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider's stock valued at $248,000 after buying an additional 608 shares during the period. EagleClaw Capital Managment LLC boosted its stake in MGIC Investment by 2.7% in the fourth quarter. EagleClaw Capital Managment LLC now owns 57,800 shares of the insurance provider's stock valued at $1,370,000 after acquiring an additional 1,500 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of MGIC Investment during the 4th quarter valued at $1,740,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of MGIC Investment in the 4th quarter valued at $653,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Up 0.6 %

MTG traded up $0.13 during trading hours on Tuesday, hitting $23.18. 3,134,835 shares of the company's stock were exchanged, compared to its average volume of 1,629,644. 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 Co. has a 1-year low of $19.26 and a 1-year high of $26.56. The stock's 50-day moving average is $24.28 and its two-hundred day moving average is $24.74. The stock has a market cap of $5.63 billion, a price-to-earnings ratio of 7.99 and a beta of 1.28.

Remove Ads

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 earnings per share 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%. Sell-side analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Tuesday, February 18th. MGIC Investment's dividend payout ratio (DPR) is currently 17.93%.

Analyst Ratings Changes

A number of brokerages recently commented on MTG. Bank of America cut 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 research note on Monday, December 9th. Keefe, Bruyette & Woods lowered their price target on MGIC Investment from $29.00 to $28.00 and set a "market perform" rating for the company in a research note on Wednesday, January 8th. Barclays increased 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. UBS Group upped their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Finally, Compass Point restated a "neutral" rating and issued a $27.00 price objective (up previously from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, MGIC Investment currently has a consensus rating of "Hold" and an average target price of $26.75.

Insider Buying and Selling at MGIC Investment

In other news, CAO Julie K. Sperber sold 4,600 shares of the company's 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 sale, the chief accounting officer now directly owns 75,070 shares of the company's stock, valued at approximately $1,842,968.50. This represents a 5.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.05% of the company's stock.

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.