MGIC Investment Co. (NYSE:MTG) Shares Bought by NewEdge Wealth LLC

NewEdge Wealth LLC grew its stake in shares of MGIC Investment Co. (NYSE:MTG) by 11.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,837,821 shares of the insurance provider’s stock after purchasing an additional 190,450 shares during the period. MGIC Investment makes up about 0.8% of NewEdge Wealth LLC’s holdings, making the stock its 26th largest holding. NewEdge Wealth LLC’s holdings in MGIC Investment were worth $43,575,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Creative Planning raised its holdings in MGIC Investment by 17.9% during the third quarter. Creative Planning now owns 21,128 shares of the insurance provider’s stock worth $541,000 after purchasing an additional 3,204 shares during the last quarter. Private Advisor Group LLC acquired a new position in shares of MGIC Investment during the 3rd quarter worth $253,000. DekaBank Deutsche Girozentrale boosted its position in shares of MGIC Investment by 1.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 425,042 shares of the insurance provider’s stock worth $10,719,000 after buying an additional 6,065 shares in the last quarter. State of Alaska Department of Revenue grew its stake in MGIC Investment by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock valued at $3,858,000 after acquiring an additional 540 shares during the last quarter. Finally, Vanguard Capital Wealth Advisors purchased a new position in MGIC Investment during the 3rd quarter valued at about $448,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insider Activity

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 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.05% of the company’s stock.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $24.11 on Thursday. The company has a market cap of $6.11 billion, a P/E ratio of 8.31 and a beta of 1.29. The business has a fifty day simple moving average of $24.33 and a 200-day simple moving average of $24.80. MGIC Investment Co. has a 52 week low of $19.22 and a 52 week high of $26.56. 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) last posted its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating 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%. Equities research analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have issued reports on MTG shares. Royal Bank of Canada reduced 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. Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and reduced their target price for the company from $26.00 to $25.00 in a research note on Monday, December 9th. Barclays raised their price target on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. UBS Group upped their price objective on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Compass Point reiterated a “neutral” rating and set a $27.00 price objective (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 issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average 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.