Truist Financial Corp cut its position in shares of MGIC Investment Co. (NYSE:MTG – Free Report) by 19.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 78,569 shares of the insurance provider’s stock after selling 19,115 shares during the period. Truist Financial Corp’s holdings in MGIC Investment were worth $1,516,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also modified their holdings of the company. Vest Financial LLC increased its holdings in MGIC Investment by 29.4% in the 4th quarter. Vest Financial LLC now owns 690,877 shares of the insurance provider’s stock valued at $13,327,000 after buying an additional 157,036 shares during the period. Assenagon Asset Management S.A. lifted its stake in MGIC Investment by 335.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 103,129 shares of the insurance provider’s stock worth $1,989,000 after purchasing an additional 79,457 shares during the period. NewEdge Wealth LLC lifted its stake in MGIC Investment by 8.8% during the fourth quarter. NewEdge Wealth LLC now owns 1,444,931 shares of the insurance provider’s stock worth $27,873,000 after purchasing an additional 117,301 shares during the period. Invesco Ltd. grew its stake in shares of MGIC Investment by 47.3% in the 3rd quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock valued at $52,983,000 after purchasing an additional 1,019,759 shares during the period. Finally, LSV Asset Management grew its stake in shares of MGIC Investment by 8.5% in the 3rd quarter. LSV Asset Management now owns 10,427,565 shares of the insurance provider’s stock valued at $174,036,000 after purchasing an additional 820,182 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.
MGIC Investment Trading Up 0.3 %
MTG stock opened at $21.25 on Friday. The business has a fifty day moving average price of $20.72 and a 200 day moving average price of $19.38. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.05 and a quick ratio of 1.05. MGIC Investment Co. has a fifty-two week low of $14.51 and a fifty-two week high of $22.43. The stock has a market capitalization of $5.67 billion, a price-to-earnings ratio of 8.17, a P/E/G ratio of 1.71 and a beta of 1.24.
MGIC Investment (NYSE:MTG – Get Free Report) last announced its earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. MGIC Investment had a return on equity of 15.00% and a net margin of 62.85%. The company had revenue of $294.40 million during the quarter, compared to analyst estimates of $301.62 million. During the same period last year, the company posted $0.54 earnings per share. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. Analysts expect that MGIC Investment Co. will post 2.48 EPS for the current fiscal year.
MGIC Investment Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 21st. Shareholders of record on Thursday, May 9th will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Wednesday, May 8th. MGIC Investment’s dividend payout ratio is presently 17.69%.
Analysts Set New Price Targets
MTG has been the topic of several recent analyst reports. Royal Bank of Canada boosted their price target on MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a research note on Friday, February 2nd. Roth Mkm boosted their target price on shares of MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $24.00 target price (up previously from $23.50) on shares of MGIC Investment in a report on Thursday, April 4th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $21.08.
View Our Latest Research Report on MGIC Investment
MGIC Investment Company 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.
Featured Articles
Want to see what other hedge funds are holding MTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGIC Investment Co. (NYSE:MTG – Free Report).
Receive News & Ratings for MGIC Investment Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for MGIC Investment and related companies with MarketBeat.com’s FREE daily email newsletter.
Source: defenseworld.net
