Bank of New York Mellon Corp Sells 136,171 Shares of MGIC Investment Co. (NYSE:MTG)

Bank of New York Mellon Corp trimmed its position in MGIC Investment Co. (NYSE:MTG) by 4.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,666,841 shares of the insurance provider’s stock after selling 136,171 shares during the period. Bank of New York Mellon Corp owned approximately 1.05% of MGIC Investment worth $63,231,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hara Capital LLC bought a new stake in MGIC Investment in the 3rd quarter valued at about $25,000. UMB Bank n.a. increased its holdings 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 worth $39,000 after purchasing an additional 938 shares in the last quarter. Venturi Wealth Management LLC increased 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 worth $43,000 after purchasing an additional 918 shares in the last quarter. V Square Quantitative Management LLC increased its holdings in MGIC Investment by 61.9% during the 4th quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 794 shares in the last quarter. Finally, Brooklyn Investment Group bought a new stake in MGIC Investment during the 3rd quarter worth approximately $69,000. 95.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MTG. Royal Bank of Canada decreased their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Keefe, Bruyette & Woods decreased their price objective on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday, January 8th. Compass Point reissued a “neutral” rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Barclays boosted their target price 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, Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and cut their target price for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $26.75.

Insider Activity at MGIC Investment

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the 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 owns 75,070 shares in the company, valued at $1,842,968.50. This represents a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.05% of the stock is owned by company insiders.

MGIC Investment Price Performance

MGIC Investment stock opened at $23.66 on Wednesday. MGIC Investment Co. has a 12 month low of $19.26 and a 12 month high of $26.56. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The business’s 50 day simple moving average is $24.39 and its 200 day simple moving average is $24.83. The company has a market cap of $5.74 billion, a price-to-earnings ratio of 8.16 and a beta of 1.29.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating 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%. Sell-side analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th will be paid a $0.13 dividend. The ex-dividend date is Tuesday, February 18th. This represents a $0.52 annualized dividend and a yield of 2.20%. MGIC Investment’s payout ratio is 17.93%.

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.