Leeward Investments LLC MA Trims Stake in MGIC Investment Co. (NYSE:MTG)

Leeward Investments LLC MA lowered its holdings in MGIC Investment Co. (NYSE:MTG) by 4.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 661,215 shares of the insurance provider’s stock after selling 28,366 shares during the quarter. Leeward Investments LLC MA owned 0.25% of MGIC Investment worth $14,785,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTG. Norges Bank acquired a new stake in shares of MGIC Investment in the fourth quarter valued at $62,047,000. NFC Investments LLC acquired a new position in MGIC Investment during the 4th quarter worth $37,183,000. Allianz Asset Management GmbH grew its stake in MGIC Investment by 33.6% during the 4th quarter. Allianz Asset Management GmbH now owns 3,008,255 shares of the insurance provider’s stock worth $58,029,000 after purchasing an additional 757,021 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in MGIC Investment by 4.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 14,412,645 shares of the insurance provider’s stock worth $278,023,000 after purchasing an additional 553,155 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in MGIC Investment by 3.6% during the 4th quarter. First Trust Advisors LP now owns 12,067,181 shares of the insurance provider’s stock worth $232,776,000 after purchasing an additional 415,628 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on MTG shares. Keefe, Bruyette & Woods raised MGIC Investment from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $24.00 to $25.00 in a research note on Monday, June 3rd. UBS Group upped their price objective on MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 22nd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $21.83.

MGIC Investment Stock Performance

Shares of NYSE MTG traded down $0.21 during midday trading on Thursday, reaching $21.65. 707,204 shares of the company were exchanged, compared to its average volume of 1,612,671. The stock has a fifty day simple moving average of $20.98 and a 200 day simple moving average of $20.32. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.13. The stock has a market cap of $5.77 billion, a P/E ratio of 8.33, a PEG ratio of 7.36 and a beta of 1.28. MGIC Investment Co. has a 1 year low of $15.19 and a 1 year high of $22.43.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.05. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The firm had revenue of $294.40 million during the quarter, compared to analysts’ expectations of $301.62 million. During the same period in the prior year, the company posted $0.54 earnings per share. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, research analysts forecast that MGIC Investment Co. will post 2.52 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 21st. Stockholders of record on Thursday, May 9th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 2.12%. The ex-dividend date was Wednesday, May 8th. MGIC Investment’s dividend payout ratio (DPR) is 17.69%.

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.