Federated Hermes Inc. Sells 2,677 Shares of MGIC Investment Co. (NYSE:MTG)

Federated Hermes Inc. trimmed its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 6.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 40,503 shares of the insurance provider’s stock after selling 2,677 shares during the period. Federated Hermes Inc.’s holdings in MGIC Investment were worth $873,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of MGIC Investment in the fourth quarter worth $62,047,000. Jupiter Asset Management Ltd. boosted its position in shares of MGIC Investment by 134.8% during the first quarter. Jupiter Asset Management Ltd. now owns 1,537,972 shares of the insurance provider’s stock valued at $34,389,000 after buying an additional 882,984 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in MGIC Investment by 33.6% in the 4th quarter. Allianz Asset Management GmbH now owns 3,008,255 shares of the insurance provider’s stock worth $58,029,000 after buying an additional 757,021 shares in the last quarter. First Trust Advisors LP raised its position in MGIC Investment by 3.6% in the 4th quarter. First Trust Advisors LP now owns 12,067,181 shares of the insurance provider’s stock worth $232,776,000 after buying an additional 415,628 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in MGIC Investment by 51.1% during the 4th quarter. Franklin Resources Inc. now owns 964,396 shares of the insurance provider’s stock valued at $18,603,000 after acquiring an additional 326,337 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Barclays boosted 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. BTIG Research increased their price target on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. 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. Finally, Roth Mkm upped their price objective on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, MGIC Investment currently has a consensus rating of “Hold” and a consensus price target of $24.33.

MGIC Investment Stock Down 1.3 %

Shares of MTG stock opened at $25.38 on Monday. The company 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. 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 company’s fifty day moving average price is $24.38 and its 200-day moving average price is $22.16. MGIC Investment Co. has a one year low of $16.30 and a one year high of $25.93.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, beating 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 business had revenue of $305.28 million for the quarter, compared to the consensus estimate of $301.02 million. During the same period in the previous year, the business earned $0.68 earnings per share. The business’s revenue was up 5.0% on a year-over-year basis. Sell-side analysts expect that MGIC Investment Co. will post 2.76 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.13 dividend. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date was Thursday, August 8th. MGIC Investment’s payout ratio is currently 20.00%.

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.