Ballast Asset Management LP Reduces Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Ballast Asset Management LP cut its holdings in MGIC Investment Co. (NYSE:MTG - Free Report) by 17.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 227,745 shares of the insurance provider's stock after selling 48,861 shares during the quarter. MGIC Investment accounts for approximately 2.7% of Ballast Asset Management LP's holdings, making the stock its 11th largest position. Ballast Asset Management LP owned approximately 0.09% of MGIC Investment worth $5,400,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Franklin Resources Inc. raised its holdings in shares of MGIC Investment by 1.6% during the fourth quarter. Franklin Resources Inc. now owns 1,647,936 shares of the insurance provider's stock valued at $39,072,000 after purchasing an additional 26,098 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its position in MGIC Investment by 9.3% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 157,186 shares of the insurance provider's stock worth $3,727,000 after purchasing an additional 13,402 shares during the last quarter. Physician Wealth Advisors Inc. bought a new stake in shares of MGIC Investment during the 4th quarter valued at about $54,000. denkapparat Operations GmbH purchased a new stake in shares of MGIC Investment during the 4th quarter valued at about $213,000. Finally, Pictet Asset Management Holding SA lifted its stake in shares of MGIC Investment by 8.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 41,327 shares of the insurance provider's stock worth $980,000 after purchasing an additional 3,249 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

MGIC Investment Price Performance

Shares of NYSE MTG traded down $1.24 during mid-day trading on Thursday, reaching $24.32. The company's stock had a trading volume of 2,255,182 shares, compared to its average volume of 1,787,657. 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 52 week low of $19.26 and a 52 week high of $26.56. The stock has a fifty day moving average of $24.38 and a two-hundred day moving average of $24.68. The firm has a market capitalization of $5.90 billion, a PE ratio of 8.38 and a beta of 1.28.

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

MGIC Investment Announces Dividend

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

Insider Buying and Selling at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the business's stock in a transaction dated Friday, February 21st. The stock was 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 in the company, valued at approximately $1,842,968.50. The trade was a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.05% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MTG. Bank of America cut shares of MGIC Investment from a "buy" rating to an "underperform" rating and reduced their target price for the company from $26.00 to $25.00 in a report on Monday, December 9th. Compass Point reaffirmed a "neutral" rating and issued a $27.00 target price (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Keefe, Bruyette & Woods cut their price target 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. Barclays raised their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Finally, UBS Group lifted their price objective on MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target 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.