MGIC Investment Co. (NYSE:MTG) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lessened its position in shares of MGIC Investment Co. (NYSE:MTG) by 6.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 286,716 shares of the insurance provider’s stock after selling 19,824 shares during the quarter. Corebridge Financial Inc. owned approximately 0.11% of MGIC Investment worth $6,798,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. EverSource Wealth Advisors LLC raised its position in MGIC Investment by 21.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock worth $55,000 after acquiring an additional 419 shares during the last quarter. Xponance Inc. increased its stake in shares of MGIC Investment by 1.3% during the 4th quarter. Xponance Inc. now owns 35,320 shares of the insurance provider’s stock worth $837,000 after purchasing an additional 442 shares in the last quarter. Nations Financial Group Inc. IA ADV raised its position in shares of MGIC Investment by 1.6% during the 4th 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 during the last quarter. US Bancorp DE lifted its stake in 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 buying an additional 600 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in MGIC Investment by 6.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider’s stock valued at $248,000 after buying an additional 608 shares during the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Price Performance

MGIC Investment stock opened at $24.41 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. The company has a market cap of $5.92 billion, a price-to-earnings ratio of 8.42 and a beta of 1.28. MGIC Investment Co. has a 1 year low of $19.26 and a 1 year high of $26.56. The firm has a 50 day moving average price of $24.34 and a 200 day moving average price of $24.67.

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 analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. Sell-side analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were issued 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 2.13%. MGIC Investment’s dividend payout ratio (DPR) is 17.93%.

Insider Transactions at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction that occurred on 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 sale, the chief accounting officer now owns 75,070 shares of the company’s stock, valued at approximately $1,842,968.50. This represents a 5.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on MTG shares. Barclays upped their price objective on MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Keefe, Bruyette & Woods reduced their target price 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. Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. Compass Point reissued a “neutral” rating and issued a $27.00 price objective (up previously from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Finally, UBS Group raised 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. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average 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.