Heartland Advisors Inc. Cuts Stake in MGIC Investment Co. (NYSE:MTG)

Heartland Advisors Inc. cut its holdings in MGIC Investment Co. (NYSE:MTG - Free Report) by 7.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 687,870 shares of the insurance provider's stock after selling 52,181 shares during the period. MGIC Investment accounts for about 0.9% of Heartland Advisors Inc.'s portfolio, making the stock its 29th largest holding. Heartland Advisors Inc. owned approximately 0.27% of MGIC Investment worth $16,309,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Brooklyn Investment Group purchased a new stake in MGIC Investment in the 3rd quarter valued at about $69,000. BNP Paribas Financial Markets raised its holdings in shares of MGIC Investment by 26.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 307,547 shares of the insurance provider's stock valued at $7,873,000 after buying an additional 63,473 shares during the period. Bridgewater Associates LP acquired a new position in MGIC Investment during the 3rd quarter worth about $774,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in MGIC Investment by 9.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,168 shares of the insurance provider's stock worth $1,796,000 after purchasing an additional 6,138 shares during the period. Finally, Verition Fund Management LLC lifted its position in shares of MGIC Investment by 96.4% during the third quarter. Verition Fund Management LLC now owns 22,500 shares of the insurance provider's stock worth $576,000 after purchasing an additional 11,046 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

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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 transaction, the chief accounting officer now owns 75,070 shares in the company, valued at $1,842,968.50. The trade was a 5.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.05% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MTG shares. Keefe, Bruyette & Woods dropped their price target on shares of MGIC Investment from $29.00 to $28.00 and set a "market perform" rating for the company in a research note on Wednesday, January 8th. Compass Point restated a "neutral" rating and set a $27.00 price target (up previously from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Barclays lifted their price objective on MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Bank of America lowered shares of MGIC Investment from a "buy" rating to an "underperform" rating and cut their target price for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. Finally, UBS Group lifted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, MGIC Investment currently has a consensus rating of "Hold" and a consensus price target of $26.75.

MGIC Investment Stock Up 1.6 %

Shares of NYSE MTG traded up $0.39 during mid-day trading on Tuesday, reaching $25.17. The company had a trading volume of 540,921 shares, compared to its average volume of 1,778,358. MGIC Investment Co. has a 52-week low of $19.26 and a 52-week high of $26.56. The stock has a market cap of $6.10 billion, a P/E ratio of 8.68 and a beta of 1.28. 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 firm has a 50 day simple moving average of $24.35 and a two-hundred day simple moving average of $24.67.

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

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.07%. The ex-dividend date was Tuesday, February 18th. MGIC Investment's payout ratio is currently 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.