Brown Advisory Inc. Cuts Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Brown Advisory Inc. reduced its stake in MGIC Investment Co. (NYSE:MTGFree Report) by 1.9% during the fourth quarter, HoldingsChannel reports. The firm owned 2,238,361 shares of the insurance provider’s stock after selling 43,138 shares during the period. Brown Advisory Inc.’s holdings in MGIC Investment were worth $43,178,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of MTG. Raymond James & Associates lifted its holdings in shares of MGIC Investment by 6.1% during the 3rd quarter. Raymond James & Associates now owns 54,372 shares of the insurance provider’s stock worth $907,000 after acquiring an additional 3,108 shares during the last quarter. Advisor Partners II LLC bought a new position in shares of MGIC Investment during the 3rd quarter valued at about $176,000. Teacher Retirement System of Texas raised its holdings in shares of MGIC Investment by 35.0% during the 3rd quarter. Teacher Retirement System of Texas now owns 179,709 shares of the insurance provider’s stock valued at $2,999,000 after buying an additional 46,557 shares in the last quarter. Olympiad Research LP bought a new stake in MGIC Investment in the 3rd quarter worth approximately $258,000. Finally, California Public Employees Retirement System lifted its stake in MGIC Investment by 0.8% in the third quarter. California Public Employees Retirement System now owns 593,869 shares of the insurance provider’s stock worth $9,912,000 after purchasing an additional 4,439 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MTG. Royal Bank of Canada increased their price objective 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 lifted their price objective on MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $24.00 price objective (up from $23.50) on shares of MGIC Investment in a research report on Thursday, April 4th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, MGIC Investment presently has a consensus rating of “Hold” and a consensus price target of $21.08.

Check Out Our Latest Stock Analysis on MGIC Investment

MGIC Investment Stock Up 0.4 %

NYSE MTG traded up $0.09 during mid-day trading on Friday, reaching $21.19. The stock had a trading volume of 1,104,654 shares, compared to its average volume of 1,795,722. MGIC Investment Co. has a 1 year low of $14.73 and a 1 year high of $22.43. The stock has a market cap of $5.65 billion, a PE ratio of 8.15, a price-to-earnings-growth ratio of 1.71 and a beta of 1.24. The company has a fifty day moving average price of $20.85 and a 200 day moving average price of $19.55. 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 (NYSE:MTGGet Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. The company had revenue of $294.40 million during the quarter, compared to analyst estimates of $301.62 million. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.54 EPS. On average, research analysts expect that MGIC Investment Co. will post 2.48 earnings per share for the current 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 dividend of $0.115 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $0.46 dividend on an annualized basis and a yield of 2.17%. MGIC Investment’s dividend payout ratio is presently 17.69%.

MGIC Investment Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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