Proficio Capital Partners LLC Buys New Position in MGIC Investment Co. (NYSE:MTG)

Proficio Capital Partners LLC acquired a new stake in MGIC Investment Co. (NYSE:MTG - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 27,551 shares of the insurance provider's stock, valued at approximately $653,000.

Other hedge funds also recently made changes to their positions in the company. Caisse DE Depot ET Placement DU Quebec purchased a new position in shares of MGIC Investment during the third quarter worth about $13,535,000. Allianz Asset Management GmbH grew its position in MGIC Investment by 8.2% in the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider's stock valued at $130,289,000 after buying an additional 415,586 shares during the last quarter. Vest Financial LLC increased its stake in shares of MGIC Investment by 33.4% during the fourth quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider's stock worth $35,213,000 after acquiring an additional 371,882 shares during the period. Assenagon Asset Management S.A. purchased a new stake in MGIC Investment in the 4th quarter valued at approximately $8,362,000. Finally, Barclays PLC grew its holdings in MGIC Investment by 75.1% during the third quarter. Barclays PLC now owns 457,706 shares of the insurance provider's stock worth $11,716,000 after acquiring an additional 196,252 shares during the period. Hedge funds and other institutional investors own 95.58% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on MTG shares. Keefe, Bruyette & Woods lowered their target price on shares of MGIC Investment from $29.00 to $28.00 and set a "market perform" rating on the stock in a research report on Wednesday, January 8th. UBS Group lifted their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Bank of America lowered 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 report on Monday, December 9th. 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 report on Wednesday, February 5th. Finally, Barclays boosted their price objective 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 investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $26.75.

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MGIC Investment Trading Down 0.5 %

Shares of MGIC Investment stock traded down $0.12 during mid-day trading on Thursday, hitting $22.48. 1,707,269 shares of the stock were exchanged, compared to its average volume of 1,757,652. The company has a 50-day simple moving average of $24.33 and a 200 day simple moving average of $24.79. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $5.46 billion, a price-to-earnings ratio of 7.75 and a beta of 1.28. MGIC Investment Co. has a twelve month low of $19.26 and a twelve month high of $26.56.

MGIC Investment (NYSE:MTG - Get Free Report) last released its earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. Research analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Tuesday, February 18th. MGIC Investment's payout ratio is 17.93%.

Insider Buying and Selling at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $24.55, for a total value of $112,930.00. Following the transaction, the chief accounting officer now directly owns 75,070 shares of the company's stock, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.57% of the stock is owned by company insiders.

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.