Amalgamated Bank Sells 8,463 Shares of MGIC Investment Co. (NYSE:MTG)

Amalgamated Bank decreased its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 3.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 211,267 shares of the insurance provider’s stock after selling 8,463 shares during the quarter. Amalgamated Bank owned approximately 0.08% of MGIC Investment worth $4,075,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Invesco Ltd. grew its position in shares of MGIC Investment by 47.3% in the 3rd quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock valued at $52,983,000 after acquiring an additional 1,019,759 shares during the period. AQR Capital Management LLC grew its holdings in MGIC Investment by 30.3% during the third quarter. AQR Capital Management LLC now owns 4,233,477 shares of the insurance provider’s stock worth $70,657,000 after purchasing an additional 985,512 shares during the period. LSV Asset Management grew its holdings in MGIC Investment by 8.5% during the third quarter. LSV Asset Management now owns 10,427,565 shares of the insurance provider’s stock worth $174,036,000 after purchasing an additional 820,182 shares during the period. FMR LLC increased its position in MGIC Investment by 26.7% during the third quarter. FMR LLC now owns 3,829,710 shares of the insurance provider’s stock worth $63,918,000 after buying an additional 807,637 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in MGIC Investment by 302.3% in the third quarter. Acadian Asset Management LLC now owns 661,778 shares of the insurance provider’s stock valued at $11,034,000 after buying an additional 497,261 shares during the period. Institutional investors own 95.58% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Roth Mkm increased their price target on MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Royal Bank of Canada raised their target price on shares of MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a research note on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $24.00 price target (up previously from $23.50) on shares of MGIC Investment in a research note on Thursday, April 4th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, MGIC Investment currently has a consensus rating of “Hold” and an average price target of $21.08.

MGIC Investment Stock Down 1.4 %

MTG opened at $20.88 on Thursday. The stock has a fifty day moving average of $20.67 and a 200-day moving average of $19.33. The company has a market capitalization of $5.57 billion, a P/E ratio of 8.03, a P/E/G ratio of 1.67 and a beta of 1.24. MGIC Investment Co. has a fifty-two week low of $14.51 and a fifty-two week high of $22.43. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.05 and a current ratio of 1.05.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.05. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The business had revenue of $294.40 million during the quarter, compared to analysts’ expectations of $301.62 million. During the same quarter in the previous year, the company earned $0.54 EPS. The business’s revenue was up 3.7% on a year-over-year basis. On average, equities analysts expect that MGIC Investment Co. will post 2.48 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 21st. Investors of record on Thursday, May 9th will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Wednesday, May 8th. MGIC Investment’s dividend payout ratio is currently 17.69%.

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.