Wealthfront Advisers LLC Makes New $616,000 Investment in MGIC Investment Co. (NYSE:MTG)

Wealthfront Advisers LLC purchased a new position in shares of MGIC Investment Co. (NYSE:MTG) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 25,973 shares of the insurance provider’s stock, valued at approximately $616,000.

Other hedge funds also recently modified their holdings of the company. State Street Corp grew its holdings in MGIC Investment by 0.8% in the third quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock valued at $232,767,000 after purchasing an additional 73,851 shares during the period. Allianz Asset Management GmbH grew its holdings in MGIC Investment by 8.2% in the fourth quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock valued at $130,289,000 after purchasing an additional 415,586 shares during the period. NewEdge Wealth LLC grew its holdings in MGIC Investment by 11.6% in the fourth quarter. NewEdge Wealth LLC now owns 1,837,821 shares of the insurance provider’s stock valued at $43,575,000 after purchasing an additional 190,450 shares during the period. Franklin Resources Inc. grew its holdings 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 valued at $41,836,000 after purchasing an additional 98,369 shares during the period. Finally, Vest Financial LLC grew its holdings in MGIC Investment by 33.4% in the fourth 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 period. 95.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on MTG. UBS Group boosted their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods decreased 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 note on Wednesday, January 8th. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. Compass Point reiterated 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, Barclays boosted 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 note on Wednesday, February 5th. One investment 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. According to data from MarketBeat.com, MGIC Investment presently has a consensus rating of “Hold” and an average price target of $26.75.

MGIC Investment Price Performance

Shares of MTG stock opened at $23.12 on Monday. The company has a market capitalization of $5.61 billion, a PE ratio of 7.97 and a beta of 1.28. The firm has a fifty day simple moving average of $24.29 and a 200-day simple moving average of $24.75. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. MGIC Investment Co. has a twelve month low of $19.26 and a twelve 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 (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%. Equities research analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th were issued a $0.13 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 annualized dividend and a yield of 2.25%. MGIC Investment’s dividend payout ratio is presently 17.93%.

Insider Activity 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 sale, the chief accounting officer now directly owns 75,070 shares of the company’s stock, valued at $1,842,968.50. This represents a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.57% of the stock is currently owned by corporate insiders.

About MGIC Investment

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.