MGIC Investment Co. (NYSE:MTG) Shares Purchased by NewEdge Wealth LLC

NewEdge Wealth LLC grew its position in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 11.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,837,821 shares of the insurance provider's stock after buying an additional 190,450 shares during the quarter. MGIC Investment accounts for 0.8% of NewEdge Wealth LLC's investment portfolio, making the stock its 26th largest holding. NewEdge Wealth LLC owned 0.73% of MGIC Investment worth $43,575,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Allianz Asset Management GmbH lifted its position in shares of MGIC Investment by 8.2% during the fourth quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider's stock worth $130,289,000 after purchasing an additional 415,586 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in MGIC Investment by 11.6% during the fourth quarter. Handelsbanken Fonder AB now owns 67,482 shares of the insurance provider's stock valued at $1,600,000 after purchasing an additional 7,000 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of MGIC Investment by 25.8% in the fourth quarter. New York State Common Retirement Fund now owns 360,028 shares of the insurance provider's stock worth $8,536,000 after acquiring an additional 73,837 shares in the last quarter. Venturi Wealth Management LLC grew its position in MGIC Investment by 102.1% during the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock valued at $43,000 after purchasing an additional 918 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D grew its position in MGIC Investment by 2.8% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 85,436 shares of the insurance provider's stock worth $2,026,000 after acquiring an additional 2,298 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company's stock.

Remove Ads

Insider Buying and Selling

In other news, CAO Julie K. Sperber sold 4,600 shares of the business's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the transaction, the chief accounting officer now directly owns 75,070 shares of the company's stock, valued at $1,842,968.50. The trade was 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 the SEC website. 1.05% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MTG has been the topic of a number of analyst reports. Bank of America cut shares of MGIC Investment from a "buy" rating to an "underperform" rating and lowered their target price for the company from $26.00 to $25.00 in a research note on Monday, December 9th. 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. Keefe, Bruyette & Woods decreased their price target on 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 reaffirmed a "neutral" rating and set a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Finally, Barclays raised their price target 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, MGIC Investment currently has an average rating of "Hold" and a consensus price target of $26.75.

MGIC Investment Price Performance

MGIC Investment stock traded up $0.31 during mid-day trading on Friday, hitting $24.58. 2,550,621 shares of the company traded hands, compared to its average volume of 1,726,129. MGIC Investment Co. has a one year low of $19.26 and a one year high of $26.56. The stock has a fifty day moving average price of $24.37 and a 200-day moving average price of $24.82. The stock has a market cap of $6.23 billion, a price-to-earnings ratio of 8.47 and a beta of 1.29. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. On average, equities analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Tuesday, February 18th. MGIC Investment's dividend payout ratio (DPR) is presently 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.