Handelsbanken Fonder AB Purchases 7,000 Shares of MGIC Investment Co. (NYSE:MTG)

Handelsbanken Fonder AB grew its stake in shares of MGIC Investment Co. (NYSE:MTG) by 11.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 67,482 shares of the insurance provider’s stock after purchasing an additional 7,000 shares during the quarter. Handelsbanken Fonder AB’s holdings in MGIC Investment were worth $1,600,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MTG. Hara Capital LLC purchased a new position in shares of MGIC Investment in the third quarter valued at $25,000. UMB Bank n.a. boosted its stake in shares of MGIC Investment by 131.9% during the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock valued at $39,000 after purchasing an additional 938 shares during the period. Venturi Wealth Management LLC boosted its stake 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 valued at $43,000 after purchasing an additional 918 shares during the period. V Square Quantitative Management LLC raised its holdings in shares of MGIC Investment by 61.9% in 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. Finally, Brooklyn Investment Group bought a new stake in shares of MGIC Investment in the third quarter valued at about $69,000. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Performance

Shares of MGIC Investment stock opened at $24.08 on Wednesday. MGIC Investment Co. has a one year low of $19.15 and a one year high of $26.56. The company has a market cap of $6.10 billion, a PE ratio of 8.30 and a beta of 1.29. 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 business has a 50-day simple moving average of $24.32 and a 200-day simple moving average of $24.81.

MGIC Investment (NYSE:MTG) last posted its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share 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%. On average, equities research analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend is Tuesday, February 18th. MGIC Investment’s dividend payout ratio (DPR) is presently 17.93%.

Insider Buying and Selling

In related news, CAO Julie K. Sperber sold 4,600 shares of the company’s 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 transaction, the chief accounting officer now owns 75,070 shares of the company’s stock, valued at $1,842,968.50. This represents a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.05% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Barclays boosted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Royal Bank of Canada dropped their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and dropped their target price for the company from $26.00 to $25.00 in a research report on Monday, December 9th. Keefe, Bruyette & Woods dropped their price objective on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research note on Wednesday, January 8th. Finally, UBS Group raised their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the stock 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price 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.