73,377 Shares in MGIC Investment Co. (NYSE:MTG) Bought by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new stake in shares of MGIC Investment Co. (NYSE:MTG) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 73,377 shares of the insurance provider’s stock, valued at approximately $1,740,000.

Several other large investors have also made changes to their positions in the business. UMB Bank n.a. raised its stake in MGIC Investment by 131.9% during the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock valued at $39,000 after purchasing an additional 938 shares during the period. Venturi Wealth Management LLC grew its holdings in MGIC Investment by 102.1% during the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock valued at $43,000 after buying an additional 918 shares in the last quarter. V Square Quantitative Management LLC raised its position in shares of MGIC Investment by 61.9% during the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock valued at $49,000 after buying an additional 794 shares during the last quarter. Savant Capital LLC raised its position in shares of MGIC Investment by 11.8% during the fourth quarter. Savant Capital LLC now owns 8,857 shares of the insurance provider’s stock valued at $210,000 after buying an additional 933 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in shares of MGIC Investment by 6.2% in the fourth quarter. US Bancorp DE now owns 10,249 shares of the insurance provider’s stock worth $243,000 after buying an additional 600 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Price Performance

Shares of MGIC Investment stock opened at $24.83 on Tuesday. The stock has a market cap of $6.02 billion, a price-to-earnings ratio of 8.56 and a beta of 1.28. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. The stock has a 50 day moving average price of $24.35 and a 200-day moving average price of $24.67. MGIC Investment Co. has a one year low of $19.26 and a one year high of $26.56.

MGIC Investment (NYSE:MTG) last announced its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. Equities analysts expect that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were given a dividend of $0.13 per share. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 annualized dividend and a dividend yield of 2.09%. MGIC Investment’s dividend payout ratio (DPR) is presently 17.93%.

Analyst Ratings Changes

Several analysts have commented on MTG shares. Keefe, Bruyette & Woods decreased their price target on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research note on Wednesday, January 8th. Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. UBS Group raised their price target on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Barclays lifted their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. 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 research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $26.75.

Insider Activity

In other news, CAO Julie K. Sperber sold 4,600 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the sale, the chief accounting officer now directly owns 75,070 shares of the company’s stock, valued at approximately $1,842,968.50. The trade was a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.05% of the company’s stock.

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.