Clearbridge Investments LLC Decreases Stock Position in MGIC Investment Co. (NYSE:MTG)

Clearbridge Investments LLC lowered its position in shares of MGIC Investment Co. (NYSE:MTG) by 3.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,832,677 shares of the insurance provider’s stock after selling 167,614 shares during the period. Clearbridge Investments LLC owned approximately 1.91% of MGIC Investment worth $114,583,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Physician Wealth Advisors Inc. acquired a new position in MGIC Investment in the 4th quarter worth $54,000. denkapparat Operations GmbH purchased a new position in MGIC Investment in the fourth quarter valued at about $213,000. Pictet Asset Management Holding SA grew its stake in MGIC Investment by 8.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 41,327 shares of the insurance provider’s stock valued at $980,000 after purchasing an additional 3,249 shares in the last quarter. New Age Alpha Advisors LLC purchased a new stake in MGIC Investment during the 4th quarter worth approximately $867,000. Finally, Norges Bank acquired a new position in shares of MGIC Investment in the 4th quarter valued at approximately $85,908,000. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Trading Down 1.7 %

Shares of NYSE:MTG opened at $24.41 on Monday. MGIC Investment Co. has a fifty-two week low of $19.26 and a fifty-two 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 market cap of $5.92 billion, a PE ratio of 8.42 and a beta of 1.28. The company’s 50-day moving average price is $24.34 and its 200 day moving average price is $24.67.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (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%. Sell-side analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend was Tuesday, February 18th. MGIC Investment’s dividend payout ratio (DPR) is 17.93%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on MTG shares. Bank of America lowered 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. Keefe, Bruyette & Woods reduced their target price on 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 boosted their price target on MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. UBS Group lifted their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Finally, Compass Point restated a “neutral” rating and issued a $27.00 price target (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. One investment 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $26.75.

Insider Activity at MGIC Investment

In other MGIC Investment 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 transaction of $112,930.00. Following the transaction, the chief accounting officer now owns 75,070 shares of the company’s stock, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.05% of the company’s stock.

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.