Leeward Investments LLC MA Cuts Stake in MGIC Investment Co. (NYSE:MTG)

Leeward Investments LLC MA cut its position in shares of MGIC Investment Co. (NYSE:MTG) by 6.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 647,808 shares of the insurance provider’s stock after selling 48,157 shares during the period. Leeward Investments LLC MA’s holdings in MGIC Investment were worth $15,360,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in MGIC Investment by 0.8% during the third quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock valued at $232,767,000 after buying an additional 73,851 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in MGIC Investment by 8.2% during the fourth 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 during the last quarter. Franklin Resources Inc. boosted its stake 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 buying an additional 98,369 shares during the last quarter. Vest Financial LLC boosted its stake in MGIC Investment by 33.4% during the fourth quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider’s stock valued at $35,213,000 after buying an additional 371,882 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its stake in MGIC Investment by 1.1% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 807,485 shares of the insurance provider’s stock valued at $19,145,000 after buying an additional 9,031 shares during the last quarter. 95.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MTG. Keefe, Bruyette & Woods dropped their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research note on Wednesday, January 8th. UBS Group raised their price objective on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday. Barclays raised their price objective 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. Royal Bank of Canada lowered their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Finally, Compass Point reaffirmed a “neutral” rating and issued a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $26.75.

Insider Buying and Selling

In other MGIC Investment 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 transaction of $112,930.00. Following the transaction, 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 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 owned by corporate insiders.

MGIC Investment Price Performance

Shares of MTG stock opened at $23.97 on Friday. MGIC Investment Co. has a 52-week low of $18.98 and a 52-week high of $26.56. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. The firm has a market capitalization of $6.07 billion, a P/E ratio of 8.26 and a beta of 1.29. The stock has a 50 day moving average price of $24.34 and a 200 day moving average price of $24.78.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, topping 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%. As a group, sell-side analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Tuesday, February 18th. MGIC Investment’s dividend payout ratio is currently 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.