Rhumbline Advisers Lowers Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Rhumbline Advisers reduced its position in MGIC Investment Co. (NYSE:MTG - Free Report) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 762,911 shares of the insurance provider's stock after selling 12,575 shares during the quarter. Rhumbline Advisers owned 0.30% of MGIC Investment worth $18,089,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Hara Capital LLC purchased a new position in shares of MGIC Investment in the 3rd quarter valued at $25,000. UMB Bank n.a. boosted its position in MGIC Investment by 131.9% during the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 938 shares in the last quarter. V Square Quantitative Management LLC grew its stake in MGIC Investment by 61.9% in the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock valued at $49,000 after purchasing an additional 794 shares during the last quarter. Brooklyn Investment Group purchased a new position in MGIC Investment in the third quarter valued at about $69,000. Finally, Covestor Ltd raised its holdings in MGIC Investment by 65.5% in the third quarter. Covestor Ltd now owns 3,387 shares of the insurance provider's stock worth $87,000 after purchasing an additional 1,341 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Stock Performance

MTG traded up $0.20 during trading on Tuesday, reaching $24.08. 1,971,484 shares of the company's stock were exchanged, compared to its average volume of 1,701,080. The company's fifty day simple moving average is $24.32 and its 200-day simple moving average is $24.80. The stock has a market capitalization of $6.10 billion, a P/E ratio of 8.30 and a beta of 1.29. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. MGIC Investment Co. has a 1 year low of $19.15 and a 1 year high of $26.56.

Remove Ads

MGIC Investment (NYSE:MTG - Get Free Report) last issued its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (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%. As a group, research analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.16%. MGIC Investment's payout ratio is 17.93%.

Insider Buying and Selling

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the company's stock in a transaction that occurred 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 sale, the chief accounting officer now owns 75,070 shares in the company, valued at approximately $1,842,968.50. This represents a 5.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.05% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Royal Bank of Canada lowered their price target on shares of MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating on the stock in a report on Wednesday, November 6th. Keefe, Bruyette & Woods lowered their target price on shares of MGIC Investment from $29.00 to $28.00 and set a "market perform" rating for the company in a research note on Wednesday, January 8th. Compass Point reaffirmed a "neutral" rating and set a $27.00 price target (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Bank of America cut 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. Finally, Barclays upped their target price on MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $26.75.

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.