Elo Mutual Pension Insurance Co Invests $561,000 in MGIC Investment Co. (NYSE:MTG)

Elo Mutual Pension Insurance Co bought a new position in shares of MGIC Investment Co. (NYSE:MTG - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 23,679 shares of the insurance provider's stock, valued at approximately $561,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. KLP Kapitalforvaltning AS acquired a new position in shares of MGIC Investment in the fourth quarter valued at approximately $1,982,000. AXQ Capital LP bought a new position in MGIC Investment during the fourth quarter worth about $242,000. Teacher Retirement System of Texas raised its stake in MGIC Investment by 2.7% in the 4th quarter. Teacher Retirement System of Texas now owns 373,411 shares of the insurance provider's stock worth $8,854,000 after purchasing an additional 9,939 shares in the last quarter. Xponance Inc. boosted its holdings in MGIC Investment by 1.3% in 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 period. Finally, William Blair Investment Management LLC increased its holdings in shares of MGIC Investment by 2.5% during the fourth quarter. William Blair Investment Management LLC now owns 1,364,725 shares of the insurance provider's stock worth $32,358,000 after purchasing an additional 32,980 shares during the period. Institutional investors and hedge funds own 95.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MTG. Barclays increased their price target on MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. UBS Group upped 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. 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 restated a "neutral" rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Finally, Bank of America lowered MGIC Investment from a "buy" rating to an "underperform" rating and reduced their price objective for the company from $26.00 to $25.00 in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $26.75.

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MGIC Investment Trading Down 6.0 %

NYSE MTG traded down $1.45 during trading hours on Friday, hitting $22.87. 339,808 shares of the company's stock were exchanged, compared to its average volume of 1,779,554. MGIC Investment Co. has a 1-year low of $19.26 and a 1-year high of $26.56. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a 50-day simple moving average of $24.37 and a 200 day simple moving average of $24.68. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 7.94 and a beta of 1.28.

MGIC Investment (NYSE:MTG - Get Free Report) last released its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. On average, equities analysts forecast that MGIC Investment Co. will post 2.71 EPS 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 issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date was Tuesday, February 18th. MGIC Investment's dividend payout ratio is currently 17.93%.

Insider Transactions at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the firm's stock in a transaction dated 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 $1,842,968.50. This trade represents a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.05% of the stock is currently owned by insiders.

MGIC Investment 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.