Victory Capital Management Inc. Trims Stake in MGIC Investment Co. (NYSE:MTG)

Victory Capital Management Inc. cut its position in MGIC Investment Co. (NYSE:MTG) by 14.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,406,354 shares of the insurance provider’s stock after selling 408,563 shares during the period. Victory Capital Management Inc. owned about 0.95% of MGIC Investment worth $57,055,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Nations Financial Group Inc. IA ADV increased its stake in shares of MGIC Investment by 1.6% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider’s stock worth $897,000 after purchasing an additional 579 shares in the last quarter. Lindenwold Advisors INC increased its stake in shares of MGIC Investment by 3.7% in the third quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock worth $425,000 after purchasing an additional 592 shares in the last quarter. US Bancorp DE increased its stake in shares of MGIC Investment by 6.2% in the fourth quarter. US Bancorp DE now owns 10,249 shares of the insurance provider’s stock worth $243,000 after purchasing an additional 600 shares in the last quarter. Inspire Investing LLC increased its stake in shares of MGIC Investment by 4.8% in the fourth quarter. Inspire Investing LLC now owns 16,883 shares of the insurance provider’s stock worth $400,000 after purchasing an additional 766 shares in the last quarter. Finally, V Square Quantitative Management LLC increased its stake in shares of MGIC Investment by 61.9% in the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 794 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MTG. Keefe, Bruyette & Woods reduced their price objective 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. UBS Group upped their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. Compass Point restated 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, Barclays upped their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. 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 company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $26.75.

MGIC Investment Price Performance

MTG stock opened at $23.80 on Friday. MGIC Investment Co. has a 52 week low of $19.26 and a 52 week high of $26.56. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. The company has a fifty day simple moving average of $24.38 and a two-hundred day simple moving average of $24.81. The firm has a market capitalization of $5.78 billion, a P/E ratio of 8.21 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating 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%. Analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were given a dividend of $0.13 per share. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 annualized dividend and a yield of 2.19%. MGIC Investment’s dividend payout ratio (DPR) is currently 17.93%.

Insider Buying and Selling at MGIC Investment

In other news, CAO Julie K. Sperber sold 4,600 shares of the firm’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. This trade represents a 5.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.05% of the stock is owned by company insiders.

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.