Victory Capital Management Inc. Sells 408,563 Shares of MGIC Investment Co. (NYSE:MTG)

Victory Capital Management Inc. lessened its position in MGIC Investment Co. (NYSE:MTG) by 14.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,406,354 shares of the insurance provider’s stock after selling 408,563 shares during the quarter. Victory Capital Management Inc.’s holdings in MGIC Investment were worth $57,055,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. US Bancorp DE increased its stake in MGIC Investment by 6.2% in the 4th quarter. US Bancorp DE now owns 10,249 shares of the insurance provider’s stock worth $243,000 after buying an additional 600 shares during the period. A&I Financial Services LLC purchased a new position in MGIC Investment in the 4th quarter worth about $454,000. Proficio Capital Partners LLC purchased a new position in MGIC Investment in the 4th quarter worth about $653,000. NewEdge Wealth LLC increased its stake 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. Finally, Allianz Asset Management GmbH increased its stake in MGIC Investment by 8.2% in the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock worth $130,289,000 after buying an additional 415,586 shares during the period. Institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. UBS Group raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Barclays raised their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Keefe, Bruyette & Woods cut their target price on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research report on Wednesday, January 8th. 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 report on Wednesday, February 5th. Finally, Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and cut their target price for the company from $26.00 to $25.00 in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $26.75.

MGIC Investment Stock Up 0.7 %

NYSE:MTG opened at $23.80 on Friday. MGIC Investment Co. has a fifty-two week low of $19.26 and a fifty-two week high of $26.56. The stock has a market capitalization of $5.78 billion, a P/E ratio of 8.21 and a beta of 1.28. 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 company’s 50-day simple moving average is $24.38 and its 200-day simple moving average is $24.81.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. On average, equities analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date was Tuesday, February 18th. MGIC Investment’s dividend payout ratio is currently 17.93%.

Insider Activity

In related news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment stock in a transaction that occurred on Friday, February 21st. The shares were 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.05% of the company’s stock.

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.