Proficio Capital Partners LLC Acquires Shares of 27,551 MGIC Investment Co. (NYSE:MTG)

Proficio Capital Partners LLC bought a new position in shares of MGIC Investment Co. (NYSE:MTG) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 27,551 shares of the insurance provider’s stock, valued at approximately $653,000.

Other institutional investors also recently modified their holdings of the company. NewEdge Wealth LLC grew its position in MGIC Investment by 11.6% during the fourth quarter. NewEdge Wealth LLC now owns 1,837,821 shares of the insurance provider’s stock worth $43,575,000 after buying an additional 190,450 shares in the last quarter. Allianz Asset Management GmbH lifted its position in shares of MGIC Investment by 8.2% during the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock valued at $130,289,000 after acquiring an additional 415,586 shares during the period. Handelsbanken Fonder AB grew its holdings in shares of MGIC Investment by 11.6% during the 4th quarter. Handelsbanken Fonder AB now owns 67,482 shares of the insurance provider’s stock worth $1,600,000 after purchasing an additional 7,000 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of MGIC Investment by 25.8% during the 4th quarter. New York State Common Retirement Fund now owns 360,028 shares of the insurance provider’s stock worth $8,536,000 after purchasing an additional 73,837 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its position in shares of MGIC Investment by 102.1% in the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 918 shares during the period. Institutional investors own 95.58% of the company’s stock.

Insider Activity

In related news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment stock in a transaction on Friday, February 21st. The stock was sold at an average price of $24.55, for a total transaction of $112,930.00. Following the sale, the chief accounting officer now directly owns 75,070 shares in the company, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.05% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MTG. Keefe, Bruyette & Woods dropped their target price on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research report on Wednesday, January 8th. UBS Group boosted their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Barclays increased their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and cut their price objective for the company from $26.00 to $25.00 in a report on Monday, December 9th. Finally, Compass Point reiterated a “neutral” rating and set a $27.00 target price (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, MGIC Investment presently has a consensus rating of “Hold” and a consensus price target of $26.75.

MGIC Investment Stock Up 0.7 %

Shares of NYSE MTG opened at $23.80 on Monday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. MGIC Investment Co. has a 1 year low of $19.26 and a 1 year high of $26.56. The stock has a market capitalization of $5.78 billion, a P/E ratio of 8.21 and a beta of 1.28. The company has a 50-day moving average price of $24.38 and a 200-day moving average price of $24.82.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. On average, equities research analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend was Tuesday, February 18th. MGIC Investment’s dividend payout ratio is 17.93%.

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.