Arrowstreet Capital Limited Partnership Has $73.85 Million Holdings in MGIC Investment Co. (NYSE:MTG)

Arrowstreet Capital Limited Partnership decreased its position in shares of MGIC Investment Co. (NYSE:MTG) by 15.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,114,877 shares of the insurance provider’s stock after selling 571,283 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 1.23% of MGIC Investment worth $73,854,000 as of its most recent filing with the Securities & Exchange Commission.

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MTG shares. Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. UBS Group raised their price objective on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Barclays upped their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Compass Point reiterated a “neutral” rating and issued a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Finally, Keefe, Bruyette & Woods cut their price target on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a 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 given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $26.75.

MGIC Investment Price Performance

MTG opened at $24.83 on Tuesday. The firm has a market cap of $6.02 billion, a P/E ratio of 8.56 and a beta of 1.28. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. MGIC Investment Co. has a fifty-two week low of $19.26 and a fifty-two week high of $26.56. The firm has a 50-day moving average of $24.35 and a 200 day moving average of $24.67.

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

MGIC Investment Dividend Announcement

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

Insider Activity

In related news, CAO Julie K. Sperber sold 4,600 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $24.55, for a total value of $112,930.00. Following the sale, the chief accounting officer now directly owns 75,070 shares in the company, valued at approximately $1,842,968.50. The trade was a 5.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.05% of the company’s stock.

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.