American International Group Inc. Sells 23,214 Shares of MGIC Investment Co. (NYSE:MTG)

American International Group Inc. decreased its holdings in MGIC Investment Co. (NYSE:MTG) by 5.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 374,567 shares of the insurance provider’s stock after selling 23,214 shares during the period. American International Group Inc. owned about 0.14% of MGIC Investment worth $7,225,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Quarry LP increased its holdings in shares of MGIC Investment by 244.4% in the 4th quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 1,403 shares in the last quarter. Bragg Financial Advisors Inc increased its holdings in shares of MGIC Investment by 0.4% in the 4th quarter. Bragg Financial Advisors Inc now owns 798,525 shares of the insurance provider’s stock worth $15,404,000 after purchasing an additional 3,511 shares in the last quarter. Caxton Associates LP purchased a new position in shares of MGIC Investment in the 4th quarter worth $1,804,000. Waterloo Capital L.P. purchased a new position in shares of MGIC Investment in the 4th quarter worth $588,000. Finally, CenterBook Partners LP purchased a new position in shares of MGIC Investment in the 4th quarter worth $745,000. Institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MTG shares. Keefe, Bruyette & Woods upgraded MGIC Investment from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $24.00 to $25.00 in a research note on Monday, June 3rd. UBS Group raised their price target on MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 22nd. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $21.83.

MGIC Investment Price Performance

NYSE MTG opened at $21.31 on Friday. The company has a market capitalization of $5.68 billion, a PE ratio of 8.20, a price-to-earnings-growth ratio of 7.08 and a beta of 1.24. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.05 and a current ratio of 1.05. The business’s fifty day moving average is $20.65 and its 200 day moving average is $20.09. MGIC Investment Co. has a fifty-two week low of $15.02 and a fifty-two week high of $22.43.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.05. The company had revenue of $294.40 million for the quarter, compared to the consensus estimate of $301.62 million. MGIC Investment had a return on equity of 15.00% and a net margin of 62.85%. MGIC Investment’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.54 earnings per share. Sell-side analysts predict that MGIC Investment Co. will post 2.52 earnings per share for the current year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 21st. Investors of record on Thursday, May 9th were given a dividend of $0.115 per share. The ex-dividend date was Wednesday, May 8th. This represents a $0.46 annualized dividend and a yield of 2.16%. MGIC Investment’s dividend payout ratio (DPR) is presently 17.69%.

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.