Geode Capital Management LLC Sells 411,334 Shares of MGIC Investment Co. (NYSE:MTG)

Geode Capital Management LLC lowered its position in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 8.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,583,037 shares of the insurance provider's stock after selling 411,334 shares during the quarter. Geode Capital Management LLC owned 1.81% of MGIC Investment worth $117,355,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MTG. Hara Capital LLC acquired a new position in shares of MGIC Investment in the 3rd quarter valued at $25,000. V Square Quantitative Management LLC acquired a new stake in MGIC Investment during the 3rd quarter worth about $33,000. Brooklyn Investment Group acquired a new stake in MGIC Investment during the 3rd quarter worth about $69,000. Covestor Ltd boosted its position in MGIC Investment by 65.5% during the 3rd quarter. Covestor Ltd now owns 3,387 shares of the insurance provider's stock worth $87,000 after acquiring an additional 1,341 shares during the period. Finally, Blue Trust Inc. boosted its position in MGIC Investment by 233.4% during the 2nd quarter. Blue Trust Inc. now owns 4,985 shares of the insurance provider's stock worth $111,000 after acquiring an additional 3,490 shares during the period. Institutional investors and hedge funds own 95.58% of the company's stock.

MGIC Investment Stock Down 3.7 %

Shares of MTG traded down $0.91 during midday trading on Wednesday, reaching $23.38. 1,607,756 shares of the stock were exchanged, compared to its average volume of 1,730,494. MGIC Investment Co. has a 12-month low of $18.68 and a 12-month high of $26.56. The firm has a 50 day simple moving average of $25.19 and a 200-day simple moving average of $24.10. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The company has a market cap of $5.92 billion, a price-to-earnings ratio of 8.23, a P/E/G ratio of 1.77 and a beta of 1.27.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.11. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The business had revenue of $306.65 million for the quarter, compared to the consensus estimate of $306.03 million. During the same period last year, the business earned $0.64 EPS. The firm's revenue was up 3.4% compared to the same quarter last year. Research analysts forecast that MGIC Investment Co. will post 2.85 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Thursday, November 7th. MGIC Investment's payout ratio is 18.31%.

Analysts Set New Price Targets

A number of equities research analysts have commented on MTG shares. Barclays raised their price objective on MGIC Investment from $23.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 8th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $29.00 price objective on shares of MGIC Investment in a research report on Tuesday, December 10th. Royal Bank of Canada decreased their price objective on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a research report on Wednesday, November 6th. Finally, Bank of America downgraded 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 research note on Monday, December 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $26.00.

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.