NFC Investments LLC Sells 67,485 Shares of MGIC Investment Corporation $MTG

NFC Investments LLC lessened its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 3.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,808,379 shares of the insurance provider’s stock after selling 67,485 shares during the period. MGIC Investment accounts for approximately 14.8% of NFC Investments LLC’s portfolio, making the stock its biggest holding. NFC Investments LLC’s holdings in MGIC Investment were worth $51,304,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in MTG. Cresset Asset Management LLC grew its position in MGIC Investment by 140.4% during the third quarter. Cresset Asset Management LLC now owns 33,122 shares of the insurance provider’s stock valued at $940,000 after purchasing an additional 19,344 shares in the last quarter. Picton Mahoney Asset Management lifted its position in MGIC Investment by 58.4% in the 3rd quarter. Picton Mahoney Asset Management now owns 36,001 shares of the insurance provider’s stock worth $1,021,000 after buying an additional 13,275 shares in the last quarter. South Dakota Investment Council boosted its stake in shares of MGIC Investment by 42.4% during the 3rd quarter. South Dakota Investment Council now owns 338,491 shares of the insurance provider’s stock valued at $9,603,000 after buying an additional 100,736 shares during the period. Victory Capital Management Inc. grew its holdings in shares of MGIC Investment by 5.4% during the 3rd quarter. Victory Capital Management Inc. now owns 408,755 shares of the insurance provider’s stock valued at $11,596,000 after acquiring an additional 21,120 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC increased its stake in shares of MGIC Investment by 49.5% in the third quarter. Focus Partners Advisor Solutions LLC now owns 33,132 shares of the insurance provider’s stock worth $938,000 after acquiring an additional 10,967 shares during the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $26.51, for a total value of $3,690,271.53. Following the transaction, the chief executive officer owned 822,588 shares in the company, valued at $21,806,807.88. This trade represents a 14.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $27.27, for a total transaction of $818,100.00. Following the transaction, the chief operating officer directly owned 454,245 shares of the company’s stock, valued at approximately $12,387,261.15. This represents a 6.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 189,203 shares of company stock valued at $5,058,572 over the last 90 days. 1.05% of the stock is currently owned by company insiders.

MGIC Investment Trading Up 0.7%

Shares of NYSE:MTG opened at $26.90 on Thursday. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $5.78 billion, a PE ratio of 8.57, a P/E/G ratio of 2.12 and a beta of 0.83. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $29.97. The firm has a fifty day moving average price of $27.30 and a 200 day moving average price of $27.77.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.The firm’s revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.72 earnings per share. Analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Tuesday, February 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.2%. The ex-dividend date is Tuesday, February 17th. MGIC Investment’s payout ratio is 19.11%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a research report on Thursday, December 18th. Weiss Ratings downgraded MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. Finally, Barclays reduced their price target on MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating for the company in a report on Wednesday, February 4th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $28.00.

MGIC Investment Profile

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.