JPMorgan Chase & Co. Has $365.58 Million Stock Holdings in MGIC Investment Co. (NYSE:MTG)

JPMorgan Chase & Co. reduced its position in MGIC Investment Co. (NYSE:MTG) by 5.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 15,418,968 shares of the insurance provider’s stock after selling 930,725 shares during the period. JPMorgan Chase & Co. owned 6.09% of MGIC Investment worth $365,584,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its stake in MGIC Investment by 26.0% in the third quarter. BNP Paribas Financial Markets now owns 307,547 shares of the insurance provider’s stock valued at $7,873,000 after acquiring an additional 63,473 shares during the last quarter. Bridgewater Associates LP bought a new position in shares of MGIC Investment in the 3rd quarter worth $774,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of MGIC Investment by 9.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,168 shares of the insurance provider’s stock worth $1,796,000 after purchasing an additional 6,138 shares during the last quarter. Verition Fund Management LLC grew its stake in shares of MGIC Investment by 96.4% during the third quarter. Verition Fund Management LLC now owns 22,500 shares of the insurance provider’s stock worth $576,000 after purchasing an additional 11,046 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec bought a new stake in MGIC Investment in the third quarter valued at about $13,535,000. Institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

MTG has been the topic of a number of recent analyst reports. Barclays raised their target price on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $26.00 to $25.00 in a report on Monday, December 9th. Compass Point reiterated a “neutral” rating and issued a $27.00 target price (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Keefe, Bruyette & Woods decreased their price target 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. Finally, UBS Group raised their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $26.75.

Insider Buying and Selling at MGIC Investment

In other news, CAO Julie K. Sperber sold 4,600 shares of the business’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 sale, the chief accounting officer now owns 75,070 shares of the company’s stock, valued at $1,842,968.50. The trade was a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.05% of the company’s stock.

MGIC Investment Stock Down 1.7 %

Shares of MTG stock opened at $24.41 on Monday. MGIC Investment Co. has a 12-month low of $19.26 and a 12-month high of $26.56. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. The firm has a fifty day moving average of $24.34 and a 200-day moving average of $24.67. The company has a market capitalization of $5.92 billion, a price-to-earnings ratio of 8.42 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 research analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

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