Principal Financial Group Inc. Sells 287,480 Shares of MGIC Investment Co. (NYSE:MTG)

Principal Financial Group Inc. lowered its position in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 32.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 600,282 shares of the insurance provider's stock after selling 287,480 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of MGIC Investment worth $15,367,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of MTG. Sei Investments Co. raised its stake in shares of MGIC Investment by 31.7% in the first quarter. Sei Investments Co. now owns 496,778 shares of the insurance provider's stock worth $11,108,000 after purchasing an additional 119,476 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in MGIC Investment in the 1st quarter worth approximately $298,000. State Board of Administration of Florida Retirement System boosted its holdings in shares of MGIC Investment by 1.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 392,837 shares of the insurance provider's stock worth $8,784,000 after acquiring an additional 6,573 shares during the period. Kingsview Wealth Management LLC purchased a new position in MGIC Investment during the 1st quarter valued at about $266,000. Finally, Ontario Teachers Pension Plan Board grew its stake in MGIC Investment by 76.7% during the first quarter. Ontario Teachers Pension Plan Board now owns 140,524 shares of the insurance provider's stock valued at $3,142,000 after acquiring an additional 60,993 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MTG shares. BTIG Research lifted their price objective on MGIC Investment from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Monday, August 5th. Royal Bank of Canada cut their target price on shares of MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a research report on Wednesday, November 6th. Roth Mkm raised their price target on MGIC Investment from $24.00 to $30.00 and gave the company a "buy" rating in a research report on Friday, August 2nd. Finally, Barclays upped their price objective on MGIC Investment from $23.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $25.50.

MGIC Investment Trading Up 1.3 %

NYSE:MTG traded up $0.31 during trading hours on Friday, reaching $24.91. The company's stock had a trading volume of 1,168,024 shares, compared to its average volume of 1,766,649. MGIC Investment Co. has a 1 year low of $17.25 and a 1 year high of $26.52. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25. The firm has a 50-day simple moving average of $25.18 and a 200-day simple moving average of $23.37. The firm has a market capitalization of $6.31 billion, a price-to-earnings ratio of 8.77, a PEG ratio of 1.79 and a beta of 1.28.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business had revenue of $306.65 million during the quarter, compared to analysts' expectations of $306.03 million. During the same quarter in the prior year, the company posted $0.64 EPS. The firm's revenue for the quarter was up 3.4% compared to the same quarter last year. Research analysts expect that MGIC Investment Co. will post 2.81 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is Thursday, November 7th. MGIC Investment's payout ratio is 18.31%.

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.