23,679 Shares in MGIC Investment Co. (NYSE:MTG) Bought by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co purchased a new stake in MGIC Investment Co. (NYSE:MTG - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,679 shares of the insurance provider's stock, valued at approximately $561,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Franklin Resources Inc. raised its position in shares of MGIC Investment by 6.5% during the third quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider's stock worth $41,836,000 after purchasing an additional 98,369 shares during the period. Vestcor Inc lifted its stake in MGIC Investment by 559.3% during the third quarter. Vestcor Inc now owns 60,094 shares of the insurance provider's stock valued at $1,538,000 after buying an additional 50,979 shares in the last quarter. Ritholtz Wealth Management lifted its stake in MGIC Investment by 13.4% during the fourth quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider's stock valued at $2,174,000 after buying an additional 10,864 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of MGIC Investment by 33.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider's stock worth $958,000 after buying an additional 10,130 shares during the period. Finally, Asset Management One Co. Ltd. increased its position in shares of MGIC Investment by 311.0% in the fourth quarter. Asset Management One Co. Ltd. now owns 66,493 shares of the insurance provider's stock worth $1,575,000 after acquiring an additional 50,316 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

Insider Activity

In related 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 transaction, the chief accounting officer now owns 75,070 shares in the company, valued at approximately $1,842,968.50. This represents a 5.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.05% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Bank of America lowered 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 reissued a "neutral" rating and issued a $27.00 target price (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Barclays increased their price objective on MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Keefe, Bruyette & Woods dropped their target price on shares of MGIC Investment from $29.00 to $28.00 and set a "market perform" rating on the stock in a report on Wednesday, January 8th. Finally, UBS Group upped their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, MGIC Investment has an average rating of "Hold" and a consensus price target of $26.75.

MGIC Investment Stock Down 5.1 %

Shares of NYSE MTG traded down $1.23 during mid-day trading on Friday, reaching $23.09. 3,169,312 shares of the company's stock were exchanged, compared to its average volume of 1,784,255. The firm has a market capitalization of $5.60 billion, a price-to-earnings ratio of 7.96 and a beta of 1.28. MGIC Investment Co. has a twelve month low of $19.26 and a twelve month 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 business has a fifty day simple moving average of $24.33 and a 200 day simple moving average of $24.66.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings data 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, equities analysts expect that MGIC Investment Co. will post 2.71 EPS 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 paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend was Tuesday, February 18th. MGIC Investment's dividend payout ratio is currently 17.93%.

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.