Picton Mahoney Asset Management Acquires 4,493 Shares of MGIC Investment Co. (NYSE:MTG)

Picton Mahoney Asset Management lifted its holdings in MGIC Investment Co. (NYSE:MTG) by 50.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,461 shares of the insurance provider’s stock after acquiring an additional 4,493 shares during the period. Picton Mahoney Asset Management’s holdings in MGIC Investment were worth $319,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. UMB Bank n.a. boosted its stake in MGIC Investment by 131.9% in the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 938 shares during the period. Venturi Wealth Management LLC boosted its position in shares of MGIC Investment by 102.1% during the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 918 shares during the last quarter. V Square Quantitative Management LLC grew its stake in MGIC Investment by 61.9% during the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock valued at $49,000 after acquiring an additional 794 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in MGIC Investment by 21.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock valued at $55,000 after acquiring an additional 419 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new stake in MGIC Investment in the 3rd quarter worth $69,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insider Activity at MGIC Investment

In other news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment stock in a transaction on Friday, February 21st. The stock was 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 directly owns 75,070 shares in the company, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.57% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MTG. Compass Point reaffirmed a “neutral” rating and issued a $27.00 target price (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Bank of America cut MGIC Investment from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $26.00 to $25.00 in a report on Monday, December 9th. 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 report on Wednesday, February 19th. Barclays boosted their price target 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. Finally, Keefe, Bruyette & Woods lowered 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 report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $26.75.

MGIC Investment Stock Up 2.5 %

NYSE MTG opened at $23.12 on Monday. 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 Co. has a 52 week low of $19.26 and a 52 week high of $26.56. The firm has a market capitalization of $5.61 billion, a price-to-earnings ratio of 7.97 and a beta of 1.28. The company has a fifty day moving average of $24.29 and a two-hundred day moving average of $24.75.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results 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 predict 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. Investors of record on Tuesday, February 18th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend was Tuesday, February 18th. MGIC Investment’s dividend payout ratio is currently 17.93%.

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.