Mitsubishi UFJ Trust & Banking Corp Sells 32,548 Shares of MGIC Investment Co. (NYSE:MTG)

Mitsubishi UFJ Trust & Banking Corp lowered its stake in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 24.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 102,716 shares of the insurance provider's stock after selling 32,548 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp's holdings in MGIC Investment were worth $2,435,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in MTG. Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of MGIC Investment during the third quarter worth approximately $13,535,000. Allianz Asset Management GmbH lifted its holdings in MGIC Investment by 8.2% during the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider's stock worth $130,289,000 after buying an additional 415,586 shares in the last quarter. Amundi bought a new position in MGIC Investment in the 4th quarter valued at $8,914,000. Vest Financial LLC increased its stake in shares of MGIC Investment by 33.4% in the 4th quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider's stock valued at $35,213,000 after buying an additional 371,882 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in shares of MGIC Investment during the fourth quarter worth $8,362,000. Institutional investors own 95.58% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on MTG shares. Bank of America lowered MGIC Investment from a "buy" rating to an "underperform" rating and lowered their price objective for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. Keefe, Bruyette & Woods lowered 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 report on Wednesday, January 8th. Compass Point reaffirmed a "neutral" rating and issued a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Barclays lifted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Finally, UBS Group increased their price target on MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. 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's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $26.75.

MGIC Investment Trading Down 5.1 %

Shares of NYSE MTG traded down $1.23 during midday trading on Friday, reaching $23.09. 3,169,312 shares of the stock were exchanged, compared to its average volume of 1,784,531. MGIC Investment Co. has a 12 month low of $19.26 and a 12 month high of $26.56. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of 7.96 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 business has a 50-day simple moving average of $24.33 and a two-hundred day simple moving average of $24.65.

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, 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 research analysts expect that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a yield of 2.25%. MGIC Investment's payout ratio is 17.93%.

Insiders Place Their Bets

In other news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction 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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.05% of the company's stock.

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.