Amundi Makes New Investment in MGIC Investment Co. (NYSE:MTG)

Amundi purchased a new position in MGIC Investment Co. (NYSE:MTG) in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 377,228 shares of the insurance provider’s stock, valued at approximately $8,914,000. Amundi owned 0.15% of MGIC Investment at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in MTG. Franklin Resources Inc. lifted its position in MGIC Investment by 6.5% in the third quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after purchasing an additional 98,369 shares during the period. Vestcor Inc lifted its holdings in shares of MGIC Investment by 559.3% in the third quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock valued at $1,538,000 after buying an additional 50,979 shares during the period. Ritholtz Wealth Management boosted its stake in MGIC Investment by 13.4% during the fourth quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider’s stock valued at $2,174,000 after buying an additional 10,864 shares in the last quarter. Hancock Whitney Corp acquired a new position in MGIC Investment during the third quarter worth about $777,000. Finally, Janney Montgomery Scott LLC raised its position in MGIC Investment by 33.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider’s stock worth $958,000 after acquiring an additional 10,130 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $23.12 on Friday. The company has a market cap of $5.61 billion, a P/E ratio of 7.97 and a beta of 1.28. The company’s fifty day moving average is $24.29 and its two-hundred day moving average is $24.76. 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 12-month low of $19.26 and a 12-month high of $26.56.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results 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%. Equities 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 disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend was Tuesday, February 18th. MGIC Investment’s payout ratio is presently 17.93%.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment stock in a transaction 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 $1,842,968.50. This trade represents a 5.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.57% of the company’s stock.

Wall Street Analyst Weigh In

MTG has been the subject of several research reports. Keefe, Bruyette & Woods reduced 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. Barclays raised 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. UBS Group upped their price target on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Compass Point reissued a “neutral” rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Finally, Bank of America cut MGIC Investment from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $26.00 to $25.00 in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $26.75.

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.