Erste Asset Management GmbH Cuts Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Erste Asset Management GmbH decreased its stake in shares of MGIC Investment Co. (NYSE:MTG) by 4.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 22,300 shares of the insurance provider’s stock after selling 1,100 shares during the period. Erste Asset Management GmbH’s holdings in MGIC Investment were worth $528,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its holdings in MGIC Investment by 21.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock worth $55,000 after acquiring an additional 419 shares during the period. Nations Financial Group Inc. IA ADV lifted its holdings in MGIC Investment by 1.6% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider’s stock worth $897,000 after acquiring an additional 579 shares during the period. Lindenwold Advisors INC lifted its holdings in MGIC Investment by 3.7% during the third quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock worth $425,000 after acquiring an additional 592 shares during the period. US Bancorp DE lifted its holdings in MGIC Investment by 6.2% during the fourth quarter. US Bancorp DE now owns 10,249 shares of the insurance provider’s stock worth $243,000 after acquiring an additional 600 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in MGIC Investment by 6.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider’s stock worth $248,000 after acquiring an additional 608 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insider Buying and Selling

In related news, CAO Julie K. Sperber sold 4,600 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $24.55, for a total transaction 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. The trade was a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.57% of the stock is owned by company insiders.

MGIC Investment Stock Performance

NYSE:MTG opened at $23.12 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. MGIC Investment Co. has a 52-week low of $19.26 and a 52-week high of $26.56. The firm has a market cap of $5.61 billion, a price-to-earnings ratio of 7.97 and a beta of 1.28. The business’s fifty day moving average is $24.29 and its 200 day moving average is $24.76.

MGIC Investment (NYSE:MTG) last released 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 return on equity of 14.86% and a net margin of 63.18%. Research analysts predict that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Tuesday, February 18th. MGIC Investment’s payout ratio is 17.93%.

Analysts Set New Price Targets

MTG has been the topic of a number of recent analyst reports. 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 report on Wednesday, January 8th. UBS Group boosted their target price on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Compass Point restated a “neutral” rating and issued a $27.00 target price (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Barclays boosted their target price on MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and lowered their target price for the company from $26.00 to $25.00 in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, MGIC Investment has an average rating of “Hold” and an average price target 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.