Handelsbanken Fonder AB Purchases 7,000 Shares of MGIC Investment Co. (NYSE:MTG)

Handelsbanken Fonder AB raised its stake in MGIC Investment Co. (NYSE:MTG) by 11.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 67,482 shares of the insurance provider’s stock after acquiring an additional 7,000 shares during the quarter. Handelsbanken Fonder AB’s holdings in MGIC Investment were worth $1,600,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of MGIC Investment during the 3rd quarter worth approximately $13,535,000. Vest Financial LLC lifted its stake in MGIC Investment by 33.4% in the 4th quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider’s stock valued at $35,213,000 after purchasing an additional 371,882 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in MGIC Investment in the 4th quarter valued at approximately $8,362,000. Barclays PLC lifted its stake in MGIC Investment by 75.1% in the 3rd quarter. Barclays PLC now owns 457,706 shares of the insurance provider’s stock valued at $11,716,000 after purchasing an additional 196,252 shares during the last quarter. Finally, Taika Capital LP bought a new position in shares of MGIC Investment during the third quarter valued at $4,123,000. 95.58% of the stock is owned by institutional investors.

Insider Activity at MGIC Investment

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the company’s stock in a transaction 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 in the company, valued at approximately $1,842,968.50. This represents a 5.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.05% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

MTG has been the subject of a number of analyst reports. Keefe, Bruyette & Woods lowered 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 research note on Wednesday, January 8th. UBS Group lifted their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. 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. Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and cut their price target for the stock from $26.00 to $25.00 in a report on Monday, December 9th. Finally, Royal Bank of Canada cut their price target on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $26.75.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $24.08 on Wednesday. The company has a 50 day moving average of $24.32 and a 200 day moving average of $24.81. The stock has a market cap of $6.10 billion, a P/E ratio of 8.30 and a beta of 1.29. MGIC Investment Co. has a 12 month low of $19.15 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.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. As a group, sell-side analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a yield of 2.16%. MGIC Investment’s dividend payout ratio is currently 17.93%.

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.