Vanguard Group Inc. Cuts Position in MGIC Investment Co. (NYSE:MTG)

Vanguard Group Inc. trimmed its holdings in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 1.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,330,414 shares of the insurance provider's stock after selling 629,553 shares during the quarter. Vanguard Group Inc. owned 13.55% of MGIC Investment worth $813,974,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MTG. Franklin Resources Inc. increased its holdings in MGIC Investment by 6.5% in the third quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider's stock valued at $41,836,000 after purchasing an additional 98,369 shares during the period. Vestcor Inc grew its position in shares of MGIC Investment by 559.3% in the 3rd quarter. Vestcor Inc now owns 60,094 shares of the insurance provider's stock valued at $1,538,000 after buying an additional 50,979 shares during the last quarter. Ritholtz Wealth Management increased its stake in shares of MGIC Investment by 13.4% in the fourth quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider's stock valued at $2,174,000 after buying an additional 10,864 shares during the period. Janney Montgomery Scott LLC raised its position in shares of MGIC Investment by 33.5% during the fourth quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider's stock worth $958,000 after acquiring an additional 10,130 shares during the last quarter. Finally, Asset Management One Co. Ltd. lifted its stake in shares of MGIC Investment by 311.0% in the fourth quarter. Asset Management One Co. Ltd. now owns 66,493 shares of the insurance provider's stock worth $1,575,000 after acquiring an additional 50,316 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on MTG shares. Bank of America lowered shares of MGIC Investment from a "buy" rating to an "underperform" rating and lowered their price target for the stock from $26.00 to $25.00 in a report on Monday, December 9th. 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 research note on Wednesday, February 5th. UBS Group increased their price target on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Keefe, Bruyette & Woods dropped their price objective on MGIC Investment from $29.00 to $28.00 and set a "market perform" rating on the stock in a research note on Wednesday, January 8th. Finally, Compass Point restated a "neutral" rating and set a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $26.75.

MGIC Investment Stock Down 4.8 %

NYSE:MTG traded down $1.24 on Thursday, hitting $24.32. The stock had a trading volume of 2,255,182 shares, compared to its average volume of 1,784,983. The company has a market cap of $5.90 billion, a PE ratio of 8.38 and a beta of 1.28. MGIC Investment Co. has a 52 week low of $19.26 and a 52 week high of $26.56. The business's fifty day moving average is $24.37 and its 200 day moving average is $24.68. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating analysts' consensus estimates of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. On average, equities research analysts expect that MGIC Investment Co. will post 2.71 EPS for the current fiscal 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 issued a $0.13 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.14%. MGIC Investment's dividend payout ratio is presently 17.93%.

Insider Activity 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 completion of the sale, the chief accounting officer now directly owns 75,070 shares of the company's stock, valued at approximately $1,842,968.50. This represents a 5.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.05% of the stock is owned by insiders.

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.