Corebridge Financial Inc. Sells 19,824 Shares of MGIC Investment Co. (NYSE:MTG)

Corebridge Financial Inc. lowered its stake in MGIC Investment Co. (NYSE:MTG - Free Report) by 6.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 286,716 shares of the insurance provider's stock after selling 19,824 shares during the period. Corebridge Financial Inc. owned 0.11% of MGIC Investment worth $6,798,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in MTG. KLP Kapitalforvaltning AS bought a new stake in MGIC Investment in the fourth quarter worth $1,982,000. AXQ Capital LP purchased a new stake in MGIC Investment during the 4th quarter valued at about $242,000. Teacher Retirement System of Texas increased its stake in MGIC Investment by 2.7% during the 4th quarter. Teacher Retirement System of Texas now owns 373,411 shares of the insurance provider's stock valued at $8,854,000 after purchasing an additional 9,939 shares in the last quarter. Xponance Inc. raised its holdings in MGIC Investment by 1.3% in the fourth quarter. Xponance Inc. now owns 35,320 shares of the insurance provider's stock worth $837,000 after buying an additional 442 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its stake in shares of MGIC Investment by 2.5% in 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 buying an additional 32,980 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company's stock.

Insider Buying and Selling

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the 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 completion of the transaction, the chief accounting officer now owns 75,070 shares of the company's stock, valued at $1,842,968.50. This represents a 5.77 % decrease in their position. 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 owned by company insiders.

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Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Barclays raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Compass Point restated a "neutral" rating and issued a $27.00 price target (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Bank of America cut MGIC Investment from a "buy" rating to an "underperform" rating and dropped their price objective for the company from $26.00 to $25.00 in a research report on Monday, December 9th. UBS Group boosted their target price on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods dropped their price target 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, MGIC Investment currently has a consensus rating of "Hold" and a consensus price target of $26.75.

MGIC Investment Stock Performance

Shares of NYSE:MTG traded up $0.11 during midday trading on Wednesday, hitting $25.28. The company had a trading volume of 399,375 shares, compared to its average volume of 2,267,347. The company has a market cap of $6.13 billion, a price-to-earnings ratio of 8.72 and a beta of 1.28. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. The company has a fifty day moving average of $24.36 and a two-hundred day moving average of $24.67. MGIC Investment Co. has a 12-month low of $19.26 and a 12-month high of $26.56.

MGIC Investment (NYSE:MTG - Get Free Report) last issued 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 research analysts expect that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.06%. The ex-dividend date was Tuesday, February 18th. MGIC Investment's payout ratio is currently 17.93%.

About MGIC Investment

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.