A&I Financial Services LLC Takes Position in MGIC Investment Co. (NYSE:MTG)

A&I Financial Services LLC acquired a new stake in shares of MGIC Investment Co. (NYSE:MTG) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 19,160 shares of the insurance provider’s stock, valued at approximately $454,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of MGIC Investment by 0.8% in the third quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock worth $232,767,000 after purchasing an additional 73,851 shares during the period. Allianz Asset Management GmbH lifted its stake in shares of MGIC Investment by 8.2% during the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock valued at $130,289,000 after buying an additional 415,586 shares in the last quarter. NewEdge Wealth LLC boosted its holdings in MGIC Investment by 11.6% in the 4th quarter. NewEdge Wealth LLC now owns 1,837,821 shares of the insurance provider’s stock worth $43,575,000 after buying an additional 190,450 shares during the period. Franklin Resources Inc. raised its holdings in MGIC Investment by 6.5% during the third quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock valued at $41,836,000 after acquiring an additional 98,369 shares during the period. Finally, Vest Financial LLC lifted its position in shares of MGIC Investment by 33.4% in the fourth quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider’s stock valued at $35,213,000 after acquiring an additional 371,882 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the firm’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. This trade represents a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.05% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on MTG shares. Compass Point reissued a “neutral” rating and set a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and cut their price objective for the company from $26.00 to $25.00 in a report on Monday, December 9th. Royal Bank of Canada lowered their target price 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. UBS Group raised their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Finally, Barclays lifted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, MGIC Investment currently has a consensus rating of “Hold” and an average price target of $26.75.

MGIC Investment Price Performance

MGIC Investment stock opened at $24.24 on Friday. MGIC Investment Co. has a 52-week low of $19.26 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. The firm’s fifty day moving average is $24.35 and its 200 day moving average is $24.80. The company has a market cap of $6.14 billion, a price-to-earnings ratio of 8.36 and a beta of 1.29.

MGIC Investment (NYSE:MTG) last announced its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, beating 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%. Sell-side analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Tuesday, February 18th. MGIC Investment’s payout ratio is 17.93%.

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.