KLP Kapitalforvaltning AS Purchases Shares of 83,600 MGIC Investment Co. (NYSE:MTG)

KLP Kapitalforvaltning AS acquired a new position in shares of MGIC Investment Co. (NYSE:MTG) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 83,600 shares of the insurance provider’s stock, valued at approximately $1,982,000.

A number of other hedge funds have also modified their holdings of MTG. EverSource Wealth Advisors LLC boosted its position in MGIC Investment by 21.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock worth $55,000 after acquiring an additional 419 shares during the last quarter. Xponance Inc. lifted its position in shares of MGIC Investment by 1.3% in the fourth quarter. Xponance Inc. now owns 35,320 shares of the insurance provider’s stock worth $837,000 after purchasing an additional 442 shares in the last quarter. Nations Financial Group Inc. IA ADV boosted its holdings in MGIC Investment by 1.6% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider’s stock worth $897,000 after purchasing an additional 579 shares during the last quarter. US Bancorp DE grew its position in MGIC Investment by 6.2% in the fourth quarter. US Bancorp DE now owns 10,249 shares of the insurance provider’s stock valued at $243,000 after purchasing an additional 600 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in MGIC Investment by 6.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider’s stock valued at $248,000 after buying an additional 608 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Stock Up 0.5 %

MTG stock opened at $24.85 on Friday. MGIC Investment Co. has a 1-year low of $19.26 and a 1-year high of $26.56. The business’s 50 day simple moving average is $24.34 and its 200 day simple moving average is $24.67. 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 firm has a market capitalization of $6.03 billion, a PE ratio of 8.57 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. As a group, research analysts anticipate that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were issued a $0.13 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.52 annualized dividend and a yield of 2.09%. MGIC Investment’s dividend payout ratio is currently 17.93%.

Insiders Place Their Bets

In other news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MTG shares. UBS Group raised their price objective 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 restated a “neutral” rating and issued a $27.00 price target (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Bank of America cut MGIC Investment from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. Keefe, Bruyette & Woods decreased their target price on shares of 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. Finally, Barclays upped 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. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has an average 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.