Allspring Global Investments Holdings LLC Buys 18,127 Shares of MGIC Investment Co. (NYSE:MTG)

Allspring Global Investments Holdings LLC lifted its position in MGIC Investment Co. (NYSE:MTG) by 26.5% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 86,581 shares of the insurance provider’s stock after purchasing an additional 18,127 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MGIC Investment were worth $1,936,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in MTG. Dimensional Fund Advisors LP boosted its position in MGIC Investment by 4.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 14,412,645 shares of the insurance provider’s stock valued at $278,023,000 after buying an additional 553,155 shares during the period. First Trust Advisors LP boosted its holdings in shares of MGIC Investment by 3.6% during the fourth quarter. First Trust Advisors LP now owns 12,067,181 shares of the insurance provider’s stock worth $232,776,000 after purchasing an additional 415,628 shares during the period. LSV Asset Management boosted its holdings in shares of MGIC Investment by 3.7% during the fourth quarter. LSV Asset Management now owns 10,808,716 shares of the insurance provider’s stock worth $208,500,000 after purchasing an additional 381,151 shares during the period. Clearbridge Investments LLC grew its stake in shares of MGIC Investment by 2.1% in the fourth quarter. Clearbridge Investments LLC now owns 5,868,480 shares of the insurance provider’s stock worth $113,203,000 after purchasing an additional 121,828 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in MGIC Investment by 7.4% during the 3rd quarter. American Century Companies Inc. now owns 3,332,552 shares of the insurance provider’s stock valued at $55,620,000 after purchasing an additional 228,306 shares during the period. Institutional investors own 95.58% of the company’s stock.

Analyst Ratings Changes

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

MGIC Investment Trading Up 1.1 %

NYSE:MTG opened at $21.86 on Wednesday. MGIC Investment Co. has a one year low of $15.19 and a one year high of $22.43. The company’s 50-day simple moving average is $20.93 and its 200 day simple moving average is $20.30. The firm has a market capitalization of $5.83 billion, a P/E ratio of 8.41, a PEG ratio of 7.26 and a beta of 1.28. 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:MTG) last posted its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share for the quarter, topping 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%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.54 EPS. As a group, analysts forecast that MGIC Investment Co. will post 2.52 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 21st. Stockholders of record on Thursday, May 9th were given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Wednesday, May 8th. MGIC Investment’s dividend payout ratio is presently 17.69%.

MGIC Investment 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.