Edgestream Partners L.P. Has $2.34 Million Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Edgestream Partners L.P. lessened its holdings in MGIC Investment Co. (NYSE:MTG) by 57.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 98,774 shares of the insurance provider’s stock after selling 134,620 shares during the quarter. Edgestream Partners L.P.’s holdings in MGIC Investment were worth $2,342,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. State Street Corp boosted its position in shares of MGIC Investment by 0.8% in the third quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock worth $232,767,000 after buying an additional 73,851 shares during the period. Allianz Asset Management GmbH boosted its position in shares of 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 worth $130,289,000 after buying an additional 415,586 shares during the period. NewEdge Wealth LLC boosted its position in shares of MGIC Investment by 11.6% in the fourth quarter. NewEdge Wealth LLC now owns 1,837,821 shares of the insurance provider’s stock worth $43,575,000 after buying an additional 190,450 shares during the period. Franklin Resources Inc. boosted its position in shares of MGIC Investment by 6.5% in the third quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after buying an additional 98,369 shares during the period. Finally, Vest Financial LLC boosted its position in shares of MGIC Investment by 33.4% in the fourth quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider’s stock worth $35,213,000 after buying an additional 371,882 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Price Performance

NYSE MTG opened at $23.80 on Monday. MGIC Investment Co. has a fifty-two week low of $19.26 and a fifty-two week high of $26.56. The stock’s 50-day moving average is $24.38 and its two-hundred day moving average is $24.82. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. The firm has a market cap of $5.78 billion, a P/E ratio of 8.21 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last posted its earnings results 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, analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were paid a $0.13 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.19%. MGIC Investment’s payout ratio is presently 17.93%.

Analysts Set New Price Targets

MTG has been the subject of several recent research reports. Keefe, Bruyette & Woods cut their price objective on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday, January 8th. Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and cut their price objective for the stock from $26.00 to $25.00 in a report on Monday, December 9th. Barclays increased their price objective on 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 reiterated a “neutral” rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Finally, UBS Group increased their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, MGIC Investment has an average rating of “Hold” and a consensus price target of $26.75.

Insider Transactions at MGIC Investment

In other news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment stock in a transaction dated Friday, February 21st. The stock was 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 in the company, valued at approximately $1,842,968.50. The trade was a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.05% of the stock is currently owned by corporate insiders.

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.