Principal Financial Group Inc. Lowers Position in MGIC Investment Co. (NYSE:MTG)

Principal Financial Group Inc. cut its stake in shares of MGIC Investment Co. (NYSE:MTG) by 32.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 600,282 shares of the insurance provider’s stock after selling 287,480 shares during the period. Principal Financial Group Inc. owned about 0.23% of MGIC Investment worth $15,367,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of MTG. Versant Capital Management Inc lifted its position in MGIC Investment by 482.7% during the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 946 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in MGIC Investment during the third quarter valued at about $33,000. GAMMA Investing LLC raised its holdings in MGIC Investment by 76.2% during the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock valued at $66,000 after acquiring an additional 1,328 shares during the period. Blue Trust Inc. raised its holdings in MGIC Investment by 233.4% during the second quarter. Blue Trust Inc. now owns 4,985 shares of the insurance provider’s stock valued at $111,000 after acquiring an additional 3,490 shares during the period. Finally, CWM LLC raised its holdings in MGIC Investment by 116.1% during the third quarter. CWM LLC now owns 5,495 shares of the insurance provider’s stock valued at $141,000 after acquiring an additional 2,952 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Trading Up 1.3 %

MTG opened at $24.91 on Friday. The firm has a market cap of $6.31 billion, a P/E ratio of 8.77, a P/E/G ratio of 1.79 and a beta of 1.28. MGIC Investment Co. has a 12 month low of $17.25 and a 12 month high of $26.52. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a 50-day moving average of $25.18 and a 200 day moving average of $23.34.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.66 by $0.11. The company had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $0.64 earnings per share. As a group, research analysts forecast that MGIC Investment Co. will post 2.81 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, November 7th. This represents a $0.52 annualized dividend and a dividend yield of 2.09%. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on MTG shares. Barclays raised their price target on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. BTIG Research lifted their target price on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Roth Mkm lifted their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada reduced their target price on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $25.50.

MGIC Investment Company 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.