JPMorgan Chase & Co. Has $365.58 Million Stock Position in MGIC Investment Co. (NYSE:MTG)

JPMorgan Chase & Co. lessened its stake in MGIC Investment Co. (NYSE:MTG) by 5.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 15,418,968 shares of the insurance provider’s stock after selling 930,725 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.06% of MGIC Investment worth $365,584,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp increased its position in MGIC Investment by 0.8% during the third quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock worth $232,767,000 after buying an additional 73,851 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in shares of MGIC Investment by 8.2% during the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock worth $130,289,000 after acquiring an additional 415,586 shares during the last quarter. NewEdge Wealth LLC increased its holdings in shares of MGIC Investment by 11.6% during the 4th quarter. NewEdge Wealth LLC now owns 1,837,821 shares of the insurance provider’s stock worth $43,575,000 after acquiring an additional 190,450 shares during the last quarter. Franklin Resources Inc. raised its stake in MGIC Investment by 6.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock valued at $41,836,000 after acquiring an additional 98,369 shares during the period. Finally, Vest Financial LLC lifted its holdings in MGIC Investment by 33.4% during the 4th quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider’s stock valued at $35,213,000 after purchasing an additional 371,882 shares during the last quarter. 95.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Compass Point reissued a “neutral” rating and issued a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Barclays raised their price objective 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. UBS Group upped their target price on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. Finally, Keefe, Bruyette & Woods reduced their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $26.75.

Insider Buying and Selling

In related news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $24.55, for a total value of $112,930.00. Following the transaction, the chief accounting officer now directly owns 75,070 shares of the company’s stock, valued at $1,842,968.50. This trade 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 through this link. 1.05% of the stock is currently owned by company insiders.

MGIC Investment Stock Down 1.7 %

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

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 earnings per share for the quarter, beating 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 expect that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

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

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.