MGIC Investment Co. (NYSE:MTG) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in MGIC Investment Co. (NYSE:MTG - Free Report) by 4.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,666,841 shares of the insurance provider's stock after selling 136,171 shares during the period. Bank of New York Mellon Corp owned approximately 1.05% of MGIC Investment worth $63,231,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Hara Capital LLC acquired a new stake in shares of MGIC Investment during the 3rd quarter worth approximately $25,000. UMB Bank n.a. increased its holdings in shares of MGIC Investment by 131.9% during the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock worth $39,000 after buying an additional 938 shares during the last quarter. Venturi Wealth Management LLC increased its holdings in shares of MGIC Investment by 102.1% during 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 during the last quarter. V Square Quantitative Management LLC increased its holdings in shares of MGIC Investment by 61.9% during 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 during the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of MGIC Investment during the 3rd quarter worth approximately $69,000. Institutional investors and hedge funds own 95.58% of the company's stock.

Insider Activity

In other news, CAO Julie K. Sperber sold 4,600 shares of the firm's stock in a transaction on 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 in the company, valued at approximately $1,842,968.50. This trade 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 this link. Company insiders own 1.05% of the company's stock.

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Analyst Ratings Changes

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

MGIC Investment Stock Up 0.7 %

MTG stock traded up $0.18 during midday trading on Friday, hitting $23.80. The company's stock had a trading volume of 2,018,574 shares, compared to its average volume of 1,722,454. 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 52-week low of $19.26 and a 52-week high of $26.56. The firm has a market capitalization of $5.78 billion, a P/E ratio of 8.21 and a beta of 1.28. The firm has a 50-day simple moving average of $24.38 and a 200-day simple moving average of $24.81.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. As a group, equities analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were issued a $0.13 dividend. 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 payout ratio is 17.93%.

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.