Versor Investments LP Cuts Stock Position in MGIC Investment Co. (NYSE:MTG)

Versor Investments LP trimmed its position in MGIC Investment Co. (NYSE:MTG - Free Report) by 38.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,400 shares of the insurance provider's stock after selling 19,500 shares during the period. Versor Investments LP's holdings in MGIC Investment were worth $744,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hara Capital LLC purchased a new stake in MGIC Investment in the third quarter valued at $25,000. UMB Bank n.a. boosted its stake in shares of MGIC Investment by 131.9% in the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock worth $39,000 after buying an additional 938 shares during the last quarter. Venturi Wealth Management LLC grew its holdings in MGIC Investment by 102.1% during the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock worth $43,000 after acquiring an additional 918 shares during the period. V Square Quantitative Management LLC raised its position in MGIC Investment by 61.9% during the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock valued at $49,000 after acquiring an additional 794 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in MGIC Investment in the third quarter valued at approximately $69,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment stock in a transaction that occurred on Friday, February 21st. The shares were 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 owns 75,070 shares in the company, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.05% of the company's stock.

Remove Ads

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MTG. Bank of America cut shares of MGIC Investment from a "buy" rating to an "underperform" rating and dropped their price objective for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. Barclays raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. UBS Group increased their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Compass Point reiterated 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. Finally, Keefe, Bruyette & Woods cut their price target on shares of MGIC Investment from $29.00 to $28.00 and set a "market perform" rating for the company in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $26.75.

MGIC Investment Price Performance

MTG traded down $0.79 on Tuesday, reaching $23.78. 857,396 shares of the company's stock were exchanged, compared to its average volume of 1,694,528. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. The stock's fifty day moving average price is $24.39 and its 200-day moving average price is $24.83. MGIC Investment Co. has a twelve month low of $19.26 and a twelve month high of $26.56. The stock has a market cap of $5.77 billion, a PE ratio of 8.24 and a beta of 1.29.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (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%. Sell-side analysts expect 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 will be paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Tuesday, February 18th. MGIC Investment's dividend payout ratio is presently 17.93%.

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.