Proficio Capital Partners LLC Invests $653,000 in MGIC Investment Co. (NYSE:MTG)

Proficio Capital Partners LLC purchased a new position in MGIC Investment Co. (NYSE:MTG) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 27,551 shares of the insurance provider’s stock, valued at approximately $653,000.

A number of other hedge funds have also recently made changes to their positions in MTG. Caisse DE Depot ET Placement DU Quebec bought a new position in MGIC Investment during the 3rd quarter worth about $13,535,000. Allianz Asset Management GmbH grew its holdings in MGIC Investment by 8.2% during the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock worth $130,289,000 after acquiring an additional 415,586 shares in the last quarter. Vest Financial LLC grew its holdings in MGIC Investment by 33.4% during the 4th quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider’s stock worth $35,213,000 after acquiring an additional 371,882 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in MGIC Investment during the 4th quarter worth about $8,362,000. Finally, Barclays PLC grew its holdings in MGIC Investment by 75.1% during the 3rd quarter. Barclays PLC now owns 457,706 shares of the insurance provider’s stock worth $11,716,000 after acquiring an additional 196,252 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. UBS Group increased their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Compass Point reiterated a “neutral” rating and set a $27.00 target price (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Barclays increased 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. Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $26.00 to $25.00 in a report on Monday, December 9th. Finally, Keefe, Bruyette & Woods decreased their price target 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. 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $26.75.

MGIC Investment Stock Performance

MTG stock opened at $23.52 on Monday. The firm has a market cap of $5.71 billion, a price-to-earnings ratio of 8.11 and a beta of 1.28. The firm has a 50-day simple moving average of $24.29 and a two-hundred day simple moving average of $24.68. MGIC Investment Co. has a one year low of $19.26 and a one year high of $26.56. 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 (NYSE:MTG) last released its quarterly earnings results 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%. On average, equities analysts forecast that MGIC Investment Co. will post 2.71 EPS 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 $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Tuesday, February 18th. MGIC Investment’s payout ratio is currently 17.93%.

Insider Activity at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction that occurred 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 $1,842,968.50. This trade represents a 5.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.05% of the stock is currently 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.