KLP Kapitalforvaltning AS Makes New $1.98 Million Investment in MGIC Investment Co. (NYSE:MTG)

KLP Kapitalforvaltning AS purchased a new stake in MGIC Investment Co. (NYSE:MTG) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 83,600 shares of the insurance provider’s stock, valued at approximately $1,982,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Franklin Resources Inc. increased its holdings in MGIC Investment by 6.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock valued at $41,836,000 after buying an additional 98,369 shares during the period. Vestcor Inc increased its stake in MGIC Investment by 559.3% in the third quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock valued at $1,538,000 after acquiring an additional 50,979 shares during the last quarter. Ritholtz Wealth Management raised its position in MGIC Investment by 13.4% during the fourth quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider’s stock valued at $2,174,000 after purchasing an additional 10,864 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in 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 purchasing an additional 10,130 shares during the last quarter. Finally, Asset Management One Co. Ltd. boosted its holdings in shares of MGIC Investment by 311.0% in the 4th quarter. Asset Management One Co. Ltd. now owns 66,493 shares of the insurance provider’s stock valued at $1,575,000 after purchasing an additional 50,316 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Buying and Selling at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the transaction, the chief accounting officer now owns 75,070 shares in the company, valued at $1,842,968.50. The trade was a 5.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.05% of the company’s stock.

MGIC Investment Price Performance

Shares of MTG opened at $24.85 on Friday. The business has a 50-day moving average of $24.34 and a 200-day moving average of $24.67. 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 company has a market capitalization of $6.03 billion, a price-to-earnings ratio of 8.57 and a beta of 1.28. MGIC Investment Co. has a 1 year low of $19.26 and a 1 year high of $26.56.

MGIC Investment (NYSE:MTG) last released its quarterly 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, equities research analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The company 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 annualized dividend and a yield of 2.09%. MGIC Investment’s payout ratio is 17.93%.

Analyst Ratings Changes

A number of equities analysts have recently commented on MTG shares. Barclays boosted their price target on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Compass Point restated 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. Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and dropped their target price for the company from $26.00 to $25.00 in a research report on Monday, December 9th. UBS Group boosted 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. Finally, Keefe, Bruyette & Woods dropped their price objective 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 research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $26.75.

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.