PNC Financial Services Group Inc. Raises Stock Holdings in MGIC Investment Co. (NYSE:MTG)

PNC Financial Services Group Inc. lifted its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 6.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,457 shares of the insurance provider’s stock after purchasing an additional 608 shares during the quarter. PNC Financial Services Group Inc.’s holdings in MGIC Investment were worth $248,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. UMB Bank n.a. grew its holdings in shares of MGIC Investment by 131.9% during the fourth 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 grew its holdings in shares of MGIC Investment by 102.1% during 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 in the last quarter. V Square Quantitative Management LLC grew its holdings 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 worth $49,000 after purchasing an additional 794 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of MGIC Investment during the third quarter worth about $69,000. Finally, CIBC Asset Management Inc purchased a new position in shares of MGIC Investment during the third quarter worth about $202,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MTG. Bank of America lowered 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. Keefe, Bruyette & Woods cut their target price on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research note on Wednesday, January 8th. Barclays upped 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. UBS Group upped their target price on MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Compass Point reaffirmed a “neutral” rating and issued a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $26.75.

Insider Transactions at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $24.55, for a total value of $112,930.00. Following the completion of 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.05% of the stock is owned by insiders.

MGIC Investment Price Performance

Shares of MGIC Investment stock opened at $23.52 on Friday. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. The company has a market cap of $5.71 billion, a PE ratio of 8.11 and a beta of 1.28. The business has a 50 day moving average of $24.29 and a 200 day moving average of $24.69. MGIC Investment Co. has a 52 week low of $19.26 and a 52 week high of $26.56.

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

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Tuesday, February 18th. MGIC Investment’s dividend payout ratio is presently 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.