Allspring Global Investments Holdings LLC Cuts Stock Position in MGIC Investment Co. (NYSE:MTG)

Allspring Global Investments Holdings LLC trimmed its stake in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 71.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,731 shares of the insurance provider's stock after selling 27,129 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in MGIC Investment were worth $275,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vident Advisory LLC increased its stake in MGIC Investment by 21.1% in the 1st quarter. Vident Advisory LLC now owns 212,660 shares of the insurance provider's stock valued at $4,755,000 after purchasing an additional 37,030 shares in the last quarter. LSV Asset Management raised its position in MGIC Investment by 1.6% in the first quarter. LSV Asset Management now owns 10,983,325 shares of the insurance provider's stock valued at $245,587,000 after purchasing an additional 174,609 shares during the period. Sei Investments Co. increased its position in shares of MGIC Investment by 31.7% during the first quarter. Sei Investments Co. now owns 496,778 shares of the insurance provider's stock worth $11,108,000 after acquiring an additional 119,476 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in MGIC Investment by 110.9% in the first quarter. Janney Montgomery Scott LLC now owns 61,539 shares of the insurance provider's stock worth $1,376,000 after purchasing an additional 32,358 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its stake in MGIC Investment by 24.9% in the first quarter. DekaBank Deutsche Girozentrale now owns 369,053 shares of the insurance provider's stock valued at $8,132,000 after acquiring an additional 73,474 shares during the period. 95.58% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MTG shares. BTIG Research boosted their target price on MGIC Investment from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Monday, August 5th. Barclays boosted their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 8th. Finally, Roth Mkm increased their target price on shares of MGIC Investment from $24.00 to $30.00 and gave the company a "buy" rating in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $24.50.

MGIC Investment Trading Down 5.9 %

NYSE MTG traded down $1.48 on Friday, hitting $23.56. The company's stock had a trading volume of 3,860,529 shares, compared to its average volume of 1,304,186. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. MGIC Investment Co. has a 1-year low of $16.95 and a 1-year high of $26.52. The company's 50-day moving average is $25.31 and its 200 day moving average is $23.11. The firm has a market cap of $6.11 billion, a PE ratio of 8.69, a PEG ratio of 1.33 and a beta of 1.28.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.15. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The firm had revenue of $305.28 million for the quarter, compared to analyst estimates of $301.02 million. During the same period last year, the firm earned $0.68 earnings per share. The business's quarterly revenue was up 5.0% compared to the same quarter last year. As a group, analysts predict that MGIC Investment Co. will post 2.76 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be paid a dividend of $0.13 per share. The ex-dividend date is Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 2.21%. MGIC Investment's dividend payout ratio is currently 19.19%.

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.