Rhumbline Advisers Sells 12,575 Shares of MGIC Investment Co. (NYSE:MTG)

Rhumbline Advisers cut its holdings in MGIC Investment Co. (NYSE:MTG) by 1.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 762,911 shares of the insurance provider’s stock after selling 12,575 shares during the quarter. Rhumbline Advisers’ holdings in MGIC Investment were worth $18,089,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. CWM LLC lifted its holdings in MGIC Investment by 116.1% during the 3rd quarter. CWM LLC now owns 5,495 shares of the insurance provider’s stock worth $141,000 after buying an additional 2,952 shares in the last quarter. Creative Planning raised its position in shares of MGIC Investment by 17.9% during the third quarter. Creative Planning now owns 21,128 shares of the insurance provider’s stock worth $541,000 after acquiring an additional 3,204 shares during the last quarter. Private Advisor Group LLC acquired a new position in shares of MGIC Investment during the third quarter valued at $253,000. DekaBank Deutsche Girozentrale boosted its holdings in MGIC Investment by 1.4% in the third quarter. DekaBank Deutsche Girozentrale now owns 425,042 shares of the insurance provider’s stock valued at $10,719,000 after acquiring an additional 6,065 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its position in MGIC Investment by 0.4% in the third quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock worth $3,858,000 after purchasing an additional 540 shares during the period. 95.58% of the stock is owned by institutional investors.

MGIC Investment Stock Performance

Shares of MGIC Investment stock opened at $23.97 on Friday. The stock’s fifty day simple moving average is $24.35 and its 200 day simple moving average is $24.78. 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 capitalization of $6.07 billion, a PE ratio of 8.26 and a beta of 1.29. MGIC Investment Co. has a 12 month low of $18.98 and a 12 month high of $26.56.

MGIC Investment (NYSE:MTG) last released 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, research analysts predict 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 will be paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Tuesday, February 18th. MGIC Investment’s dividend payout ratio (DPR) is presently 17.93%.

Wall Street Analyst Weigh In

MTG has been the topic of a number of research reports. Royal Bank of Canada cut their target price on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. UBS Group increased their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday. Barclays lifted 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. Compass Point reissued a “neutral” rating and issued a $27.00 price target (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Finally, Keefe, Bruyette & Woods reduced their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $26.75.

Insider Transactions at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the company’s stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 75,070 shares of the company’s stock, valued at approximately $1,842,968.50. This represents a 5.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.05% of the stock is owned by insiders.

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.