Legato Capital Management LLC Sells 38,130 Shares of MGIC Investment Co. (NYSE:MTG)

Legato Capital Management LLC decreased its stake in MGIC Investment Co. (NYSE:MTG) by 43.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,802 shares of the insurance provider’s stock after selling 38,130 shares during the period. Legato Capital Management LLC’s holdings in MGIC Investment were worth $1,181,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Hara Capital LLC bought a new position in MGIC Investment in the third quarter valued at $25,000. V Square Quantitative Management LLC bought a new position in shares of MGIC Investment during the 3rd quarter valued at about $33,000. UMB Bank n.a. increased its position in shares of MGIC Investment by 131.9% during the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock valued at $39,000 after purchasing an additional 938 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of MGIC Investment during the 3rd quarter valued at about $69,000. Finally, Covestor Ltd lifted its position in MGIC Investment by 65.5% in the 3rd quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock worth $87,000 after buying an additional 1,341 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Trading Down 2.5 %

NYSE MTG opened at $24.12 on Thursday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. MGIC Investment Co. has a fifty-two week low of $18.92 and a fifty-two week high of $26.56. The stock has a market cap of $6.11 billion, a P/E ratio of 8.32, a price-to-earnings-growth ratio of 2.01 and a beta of 1.29. The stock has a 50 day simple moving average of $24.43 and a two-hundred day simple moving average of $24.78.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) 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, analysts forecast that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $0.52 annualized dividend and a yield of 2.16%. MGIC Investment’s dividend payout ratio (DPR) is presently 17.93%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Barclays lifted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and lowered their price target for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. Compass Point reaffirmed a “neutral” rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Keefe, Bruyette & Woods lowered their target price 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. Finally, Royal Bank of Canada decreased their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, MGIC Investment currently has a consensus rating of “Hold” and a consensus price target of $26.25.

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.