Amalgamated Bank Sells 21,095 Shares of MGIC Investment Co. (NYSE:MTG)

Amalgamated Bank trimmed its position in shares of MGIC Investment Co. (NYSE:MTG) by 11.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 167,108 shares of the insurance provider’s stock after selling 21,095 shares during the quarter. Amalgamated Bank owned about 0.06% of MGIC Investment worth $3,601,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Janney Montgomery Scott LLC purchased a new position in shares of MGIC Investment in the fourth quarter worth about $563,000. Norges Bank acquired a new stake in shares of MGIC Investment in the fourth quarter worth $62,047,000. Corient Private Wealth LLC lifted its position in MGIC Investment by 316.4% during the fourth quarter. Corient Private Wealth LLC now owns 123,700 shares of the insurance provider’s stock valued at $2,386,000 after purchasing an additional 93,994 shares during the period. Franklin Resources Inc. boosted its holdings in MGIC Investment by 51.1% in the fourth quarter. Franklin Resources Inc. now owns 964,396 shares of the insurance provider’s stock valued at $18,603,000 after purchasing an additional 326,337 shares during the last quarter. Finally, Johnson Financial Group Inc. acquired a new stake in MGIC Investment during the 4th quarter worth about $59,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Performance

NYSE:MTG opened at $25.38 on Monday. The company’s 50-day moving average is $24.38 and its two-hundred day moving average is $22.16. MGIC Investment Co. has a 1-year low of $16.30 and a 1-year high of $25.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of 9.76, a PEG ratio of 1.30 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.15. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The company had revenue of $305.28 million during the quarter, compared to analyst estimates of $301.02 million. During the same period in the prior year, the business posted $0.68 earnings per share. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. Analysts forecast that MGIC Investment Co. will post 2.76 EPS for the current year.

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.05%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, August 8th. MGIC Investment’s dividend payout ratio (DPR) is presently 20.00%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. BTIG Research upped their price objective on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Barclays lifted their price objective on shares of MGIC Investment from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Roth Mkm raised their price objective on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $24.00 to $25.00 in a report on Monday, June 3rd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $24.33.

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.