Meridian Investment Counsel Inc. Sells 20,000 Shares of MGIC Investment Co. (NYSE:MTG)

Meridian Investment Counsel Inc. decreased its position in shares of MGIC Investment Co. (NYSE:MTG) by 27.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 54,000 shares of the insurance provider’s stock after selling 20,000 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in MGIC Investment were worth $1,280,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Franklin Resources Inc. boosted its stake in shares of 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 purchasing an additional 98,369 shares during the last quarter. Vestcor Inc lifted its holdings 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 buying an additional 50,979 shares during the period. Ritholtz Wealth Management boosted its stake in 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 acquiring an additional 10,864 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in MGIC Investment by 33.5% during the 4th 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 period. Finally, Asset Management One Co. Ltd. grew its holdings in MGIC Investment by 311.0% during the 4th 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.

MGIC Investment Stock Performance

NYSE MTG opened at $24.41 on Monday. The firm’s fifty day moving average price is $24.34 and its two-hundred day moving average price is $24.67. MGIC Investment Co. has a 1 year low of $19.26 and a 1 year high of $26.56. The firm has a market capitalization of $5.92 billion, a P/E ratio of 8.42 and a beta of 1.28. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last issued its earnings results 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%. As a group, research analysts anticipate that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were given a $0.13 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.13%. MGIC Investment’s payout ratio is 17.93%.

Insider Transactions 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 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 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 document filed with the SEC, which is available through the SEC website. 1.05% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MTG has been the topic of several recent research reports. 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 boosted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. 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 report on Monday, December 9th. Compass Point restated a “neutral” rating and issued a $27.00 price target (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Finally, Keefe, Bruyette & Woods dropped their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research report on Wednesday, January 8th. One 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’s stock. According to MarketBeat, MGIC Investment presently has an average rating of “Hold” and an average target price 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.