NFC Investments LLC Reduces Stock Position in MGIC Investment Co. (NYSE:MTG)

NFC Investments LLC lessened its position in MGIC Investment Co. (NYSE:MTG) by 0.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,895,198 shares of the insurance provider’s stock after selling 3,084 shares during the quarter. MGIC Investment makes up approximately 12.4% of NFC Investments LLC’s investment portfolio, making the stock its 2nd largest position. NFC Investments LLC’s holdings in MGIC Investment were worth $44,935,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp raised its position in shares of MGIC Investment by 0.8% during 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 grew its stake in 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 acquiring an additional 415,586 shares in the last quarter. NewEdge Wealth LLC increased its holdings in shares of MGIC Investment by 11.6% in the 4th quarter. NewEdge Wealth LLC now owns 1,837,821 shares of the insurance provider’s stock valued at $43,575,000 after purchasing an additional 190,450 shares during the period. Franklin Resources Inc. grew its position 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 purchasing an additional 98,369 shares in the last quarter. Finally, Vest Financial LLC increased its stake in MGIC Investment by 33.4% in the 4th 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 period. Institutional investors own 95.58% of the company’s stock.

Insider Transactions at MGIC Investment

In other news, CAO Julie K. Sperber sold 4,600 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the transaction, the chief accounting officer now owns 75,070 shares in the company, valued at approximately $1,842,968.50. The trade was a 5.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.05% of the company’s stock.

MGIC Investment Stock Performance

Shares of MTG opened at $23.12 on Monday. The company has a market capitalization of $5.61 billion, a PE ratio of 7.97 and a beta of 1.28. MGIC Investment Co. has a one year low of $19.26 and a one year high of $26.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. The company’s fifty day moving average price is $24.29 and its 200 day moving average price is $24.75.

MGIC Investment (NYSE:MTG) last announced its earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, topping 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%. As a group, analysts expect 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 was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.52 annualized dividend and a dividend yield of 2.25%. MGIC Investment’s payout ratio is 17.93%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MTG shares. Keefe, Bruyette & Woods decreased their target price on shares of 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. 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 decreased their target price for the company from $26.00 to $25.00 in a research note on Monday, December 9th. UBS Group lifted 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 target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $26.75.

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.