Vestcor Inc Trims Stake in MGIC Investment Co. (NYSE:MTG)

Vestcor Inc trimmed its holdings in MGIC Investment Co. (NYSE:MTG - Free Report) by 54.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,586 shares of the insurance provider's stock after selling 32,508 shares during the quarter. Vestcor Inc's holdings in MGIC Investment were worth $654,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MTG. UMB Bank n.a. boosted its stake in MGIC Investment by 131.9% in the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock worth $39,000 after purchasing an additional 938 shares during the period. Venturi Wealth Management LLC boosted its position in shares of MGIC Investment by 102.1% during the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock valued at $43,000 after acquiring an additional 918 shares during the last quarter. V Square Quantitative Management LLC boosted its position in shares of MGIC Investment by 61.9% during the 4th 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 during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of MGIC Investment by 21.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock valued at $55,000 after acquiring an additional 419 shares during the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of MGIC Investment during the 3rd quarter valued at approximately $69,000. 95.58% of the stock is currently owned by institutional investors.

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Insiders Place Their Bets

In other news, CAO Julie K. Sperber sold 4,600 shares of the firm's stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 75,070 shares in the company, valued at $1,842,968.50. This trade represents a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.05% of the company's stock.

Analyst Upgrades and Downgrades

MTG has been the subject of a number of research reports. Compass Point reiterated a "neutral" rating and set a $27.00 target price (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Barclays increased their price target on MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. UBS Group increased their target price on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods reduced their target price 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, Bank of America lowered MGIC Investment from a "buy" rating to an "underperform" rating and reduced their target price for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, MGIC Investment has a consensus rating of "Hold" and a consensus target price of $26.75.

MGIC Investment Stock Up 1.2 %

Shares of MTG traded up $0.28 during midday trading on Thursday, reaching $23.69. 2,816,142 shares of the stock were exchanged, compared to its average volume of 1,639,699. 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 company has a market capitalization of $5.75 billion, a P/E ratio of 8.17 and a beta of 1.28. The company's 50 day moving average is $24.27 and its two-hundred day moving average is $24.71. MGIC Investment Co. has a 52 week low of $19.26 and a 52 week high of $26.56.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. On average, sell-side analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share 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 issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Tuesday, February 18th. MGIC Investment's dividend payout ratio is presently 17.93%.

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.