Franklin Resources Inc. Boosts Stake in MGIC Investment Co. (NYSE:MTG)

Franklin Resources Inc. raised its position in shares of MGIC Investment Co. (NYSE:MTG) by 1.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,647,936 shares of the insurance provider’s stock after purchasing an additional 26,098 shares during the quarter. Franklin Resources Inc.’s holdings in MGIC Investment were worth $39,072,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in shares of MGIC Investment by 21.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock worth $55,000 after buying an additional 419 shares during the last quarter. Xponance Inc. increased its stake in MGIC Investment by 1.3% during the fourth quarter. Xponance Inc. now owns 35,320 shares of the insurance provider’s stock worth $837,000 after acquiring an additional 442 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its position in MGIC Investment by 1.6% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider’s stock valued at $897,000 after purchasing an additional 579 shares during the period. US Bancorp DE lifted its stake in shares of MGIC Investment by 6.2% in the 4th quarter. US Bancorp DE now owns 10,249 shares of the insurance provider’s stock valued at $243,000 after purchasing an additional 600 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of MGIC Investment by 6.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider’s stock worth $248,000 after purchasing an additional 608 shares during the period. Institutional investors own 95.58% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

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 value of $112,930.00. Following the completion of the sale, 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 this hyperlink. 1.05% of the stock is owned by company insiders.

MGIC Investment Price Performance

MGIC Investment stock opened at $23.09 on Friday. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of 7.96 and a beta of 1.28. The firm has a 50-day moving average of $24.33 and a two-hundred day moving average of $24.65. MGIC Investment Co. has a 1 year low of $19.26 and a 1 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.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data 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 return on equity of 14.86% and a net margin of 63.18%. On average, research analysts forecast that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend was Tuesday, February 18th. MGIC Investment’s dividend payout ratio (DPR) is presently 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.