Brandywine Global Investment Management LLC Lowers Stock Position in MGIC Investment Co. (NYSE:MTG)

Brandywine Global Investment Management LLC trimmed its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 2.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,027,061 shares of the insurance provider’s stock after selling 29,422 shares during the period. Brandywine Global Investment Management LLC’s holdings in MGIC Investment were worth $24,352,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. State Street Corp raised its position 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 worth $232,767,000 after acquiring an additional 73,851 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in shares of MGIC Investment by 8.2% in the 4th 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 in the last quarter. Norges Bank acquired a new stake in shares of MGIC Investment in the fourth quarter valued at about $85,908,000. NewEdge Wealth LLC boosted its holdings in MGIC Investment by 11.6% during 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 in the last quarter. Finally, Franklin Resources Inc. grew its position in MGIC Investment by 6.5% during 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. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Price Performance

NYSE:MTG opened at $24.41 on Monday. The firm has a market cap of $5.92 billion, a price-to-earnings ratio of 8.42 and a beta of 1.28. MGIC Investment Co. has a 12-month low of $19.26 and a 12-month high of $26.56. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The company’s 50-day moving average is $24.34 and its two-hundred day moving average is $24.67.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data 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%. Research analysts expect that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date was Tuesday, February 18th. MGIC Investment’s dividend payout ratio is currently 17.93%.

Insider Activity at MGIC Investment

In other MGIC Investment 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 completion of the sale, the chief accounting officer now owns 75,070 shares in the company, valued at $1,842,968.50. The trade was a 5.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.05% of the company’s stock.

Analyst Ratings Changes

MTG has been the subject of a number of research reports. Compass Point reiterated a “neutral” rating and set a $27.00 price target (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. UBS Group boosted their target price on MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Bank of America cut MGIC Investment from a “buy” rating to an “underperform” rating and dropped their price target for the company from $26.00 to $25.00 in a research report on Monday, December 9th. 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 report on Wednesday, February 5th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday, January 8th. One research 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’s stock. According to MarketBeat.com, 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.