MGIC Investment Co. (NYSE:MTG) Position Decreased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 71.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,731 shares of the insurance provider’s stock after selling 27,129 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MGIC Investment were worth $275,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Versant Capital Management Inc boosted its position in shares of MGIC Investment by 482.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 946 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of MGIC Investment in the third quarter worth about $33,000. Fidelis Capital Partners LLC acquired a new position in shares of MGIC Investment in the first quarter worth about $50,000. GAMMA Investing LLC boosted its holdings in shares of MGIC Investment by 76.2% in the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock worth $66,000 after buying an additional 1,328 shares during the period. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of MGIC Investment by 600.0% in the first quarter. Daiwa Securities Group Inc. now owns 4,200 shares of the insurance provider’s stock worth $94,000 after buying an additional 3,600 shares during the period. Institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

MTG has been the subject of several recent analyst reports. BTIG Research raised their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Barclays increased their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Finally, Roth Mkm increased their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.50.

MGIC Investment Price Performance

Shares of MTG opened at $23.56 on Friday. The firm has a market cap of $6.11 billion, a PE ratio of 8.69, a PEG ratio of 1.33 and a beta of 1.28. The firm’s 50 day moving average price is $25.31 and its 200 day moving average price is $23.08. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. MGIC Investment Co. has a twelve month low of $16.95 and a twelve month high of $26.52.

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, beating the consensus estimate of $0.62 by $0.15. The firm had revenue of $305.28 million for the quarter, compared to analyst estimates of $301.02 million. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.68 earnings per share. As a group, research analysts expect that MGIC Investment Co. will post 2.76 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Thursday, November 7th. MGIC Investment’s payout ratio is presently 19.19%.

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.