Arrowstreet Capital Limited Partnership Lowers Position in MGIC Investment Co. (NYSE:MTG)

Arrowstreet Capital Limited Partnership trimmed its position in MGIC Investment Co. (NYSE:MTG - Free Report) by 15.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 3,114,877 shares of the insurance provider's stock after selling 571,283 shares during the period. Arrowstreet Capital Limited Partnership owned about 1.23% of MGIC Investment worth $73,854,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MTG. EverSource Wealth Advisors LLC grew its holdings in shares of MGIC Investment by 21.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock valued at $55,000 after acquiring an additional 419 shares in the last quarter. Xponance Inc. increased its position in shares of MGIC Investment by 1.3% during the 4th quarter. Xponance Inc. now owns 35,320 shares of the insurance provider's stock valued at $837,000 after purchasing an additional 442 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its stake in shares of MGIC Investment by 1.6% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider's stock worth $897,000 after purchasing an additional 579 shares during the period. US Bancorp DE boosted its holdings in shares of MGIC Investment by 6.2% in the 4th quarter. US Bancorp DE now owns 10,249 shares of the insurance provider's stock worth $243,000 after buying an additional 600 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in MGIC Investment by 6.2% during 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. Hedge funds and other institutional investors own 95.58% of the company's stock.

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Insider Activity at MGIC Investment

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the business's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the transaction, the chief accounting officer now directly owns 75,070 shares of the company's stock, valued at approximately $1,842,968.50. The trade was 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. 1.05% of the stock is owned by corporate insiders.

MGIC Investment Price Performance

MTG traded down $1.24 during midday trading on Thursday, hitting $24.32. The stock had a trading volume of 2,255,182 shares, compared to its average volume of 1,787,657. The company has a market cap of $5.90 billion, a P/E ratio of 8.38 and a beta of 1.28. MGIC Investment Co. has a 1 year low of $19.26 and a 1 year high of $26.56. The business has a fifty day moving average of $24.38 and a 200 day moving average of $24.68. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, topping 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 forecast that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were given a $0.13 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.14%. MGIC Investment's dividend payout ratio is currently 17.93%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MTG shares. Barclays boosted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Compass Point reiterated a "neutral" rating and issued a $27.00 price objective (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Bank of America downgraded MGIC Investment from a "buy" rating to an "underperform" rating and decreased their target price for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. UBS Group increased their price target on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of 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. One research 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $26.75.

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.