Vestcor Inc Sells 32,508 Shares of MGIC Investment Co. (NYSE:MTG)

Vestcor Inc cut its holdings in MGIC Investment Co. (NYSE:MTG) by 54.1% during the 4th quarter, Holdings Channel reports. The fund owned 27,586 shares of the insurance provider’s stock after selling 32,508 shares during the period. Vestcor Inc’s holdings in MGIC Investment were worth $654,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Franklin Resources Inc. raised its position in shares of MGIC Investment by 6.5% during the 3rd 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 during the period. Ritholtz Wealth Management raised its position in shares of MGIC Investment by 13.4% during the 4th quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider’s stock valued at $2,174,000 after purchasing an additional 10,864 shares during the period. Hancock Whitney Corp bought a new stake in shares of MGIC Investment during the 3rd quarter valued at $777,000. Janney Montgomery Scott LLC raised its position in shares of MGIC Investment by 33.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider’s stock valued at $958,000 after purchasing an additional 10,130 shares during the period. Finally, Asset Management One Co. Ltd. raised its position in shares of MGIC Investment by 311.0% during the 4th quarter. Asset Management One Co. Ltd. now owns 66,493 shares of the insurance provider’s stock valued at $1,575,000 after purchasing an additional 50,316 shares during the period. 95.58% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment 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 completion of the transaction, the chief accounting officer now directly owns 75,070 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.57% of the company’s stock.

MGIC Investment Stock Performance

Shares of NYSE:MTG opened at $23.12 on Monday. MGIC Investment Co. has a 52 week low of $19.26 and a 52 week high of $26.56. The stock has a market capitalization of $5.61 billion, a P/E ratio of 7.97 and a beta of 1.28. The firm has a fifty day simple moving average of $24.29 and a two-hundred day simple moving average of $24.75. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12.

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

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were paid a $0.13 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.25%. MGIC Investment’s payout ratio is currently 17.93%.

Wall Street Analyst Weigh In

Several analysts have recently commented on MTG shares. Barclays raised their price objective 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. Bank of America cut 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 note on Monday, December 9th. Compass Point reaffirmed a “neutral” rating and set a $27.00 target price (up from $24.00) on shares of MGIC Investment in a research note 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 for the company in a research note on Wednesday, January 8th. Finally, UBS Group raised 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. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, MGIC Investment currently has a consensus rating of “Hold” and a consensus price target of $26.75.

MGIC Investment 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.