MGIC Investment Co. (NYSE:MTG) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. lowered its stake in shares of MGIC Investment Co. (NYSE:MTG) by 13.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,363,331 shares of the insurance provider’s stock after selling 218,622 shares during the quarter. Alliancebernstein L.P. owned about 0.54% of MGIC Investment worth $32,325,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Franklin Resources Inc. raised its stake in MGIC Investment by 6.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after acquiring an additional 98,369 shares during the last quarter. Vestcor Inc raised its stake in shares of MGIC Investment by 559.3% in the third quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock worth $1,538,000 after purchasing an additional 50,979 shares during the last quarter. Ritholtz Wealth Management raised its stake in shares of MGIC Investment by 13.4% in the fourth quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider’s stock worth $2,174,000 after purchasing an additional 10,864 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of MGIC Investment by 33.5% during the fourth quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider’s stock worth $958,000 after purchasing an additional 10,130 shares during the period. Finally, Asset Management One Co. Ltd. boosted its position in MGIC Investment by 311.0% in the fourth quarter. Asset Management One Co. Ltd. now owns 66,493 shares of the insurance provider’s stock valued at $1,575,000 after buying an additional 50,316 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Activity

In related news, CAO Julie K. Sperber sold 4,600 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total value of $112,930.00. Following 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 trade represents a 5.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.05% of the company’s stock.

MGIC Investment Price Performance

NYSE:MTG opened at $23.09 on Monday. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. MGIC Investment Co. has a 52 week low of $19.26 and a 52 week high of $26.56. The stock’s 50-day moving average price is $24.33 and its 200-day moving average price is $24.65. The stock has a market capitalization of $5.60 billion, a PE ratio of 7.96 and a beta of 0.93.

MGIC Investment (NYSE:MTG) last issued 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 return on equity of 14.86% and a net margin of 63.18%. As a group, equities analysts expect that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

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

Wall Street Analysts Forecast Growth

MTG has been the subject of several research reports. Compass Point restated 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. UBS Group boosted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Barclays upped their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Keefe, Bruyette & Woods reduced their price objective on 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, Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. One equities 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. Based on data from MarketBeat, MGIC Investment has an average rating of “Hold” and a consensus price target of $26.75.

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.