Truist Financial Corp Reduces Holdings in MGIC Investment Co. (NYSE:MTG)

Truist Financial Corp trimmed its position in shares of MGIC Investment Co. (NYSE:MTG) by 21.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 61,791 shares of the insurance provider’s stock after selling 16,689 shares during the quarter. Truist Financial Corp’s holdings in MGIC Investment were worth $1,332,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in MTG. Versant Capital Management Inc grew its holdings in MGIC Investment by 482.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after buying an additional 946 shares in the last quarter. Quarry LP grew its holdings in MGIC Investment by 244.4% in the 4th quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock valued at $38,000 after buying an additional 1,403 shares in the last quarter. CWM LLC grew its holdings in MGIC Investment by 249.1% in the 1st quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock valued at $49,000 after buying an additional 1,552 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in MGIC Investment in the 1st quarter valued at $50,000. Finally, GAMMA Investing LLC grew its holdings in MGIC Investment by 76.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock valued at $66,000 after buying an additional 1,328 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MTG. Roth Mkm upped their target price on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. BTIG Research upped their target price on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, Barclays raised their price objective on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

MGIC Investment Stock Performance

Shares of MGIC Investment stock opened at $25.67 on Friday. The business has a 50-day moving average of $24.82 and a 200 day moving average of $22.61. MGIC Investment Co. has a 12 month low of $16.32 and a 12 month high of $25.93. The stock has a market capitalization of $6.84 billion, a price-to-earnings ratio of 9.87, a price-to-earnings-growth ratio of 1.35 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.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $301.02 million. During the same period last year, the business posted $0.68 EPS. MGIC Investment’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, sell-side analysts forecast that MGIC Investment Co. will post 2.76 earnings per share for the current year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.03%. This is a boost 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 20.00%.

About MGIC Investment

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.