Nordea Investment Management AB Trims Stake in MGIC Investment Corporation $MTG

Nordea Investment Management AB cut its position in MGIC Investment Corporation (NYSE:MTG) by 12.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 388,444 shares of the insurance provider’s stock after selling 54,688 shares during the quarter. Nordea Investment Management AB owned approximately 0.17% of MGIC Investment worth $11,412,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management acquired a new position in MGIC Investment during the third quarter worth approximately $28,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of MGIC Investment in the third quarter valued at approximately $28,000. SBI Securities Co. Ltd. boosted its holdings in shares of MGIC Investment by 61.1% in the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 395 shares during the period. Employees Retirement System of Texas purchased a new position in shares of MGIC Investment during the second quarter worth approximately $32,000. Finally, Root Financial Partners LLC purchased a new position in shares of MGIC Investment during the third quarter worth approximately $38,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $26.51, for a total value of $3,690,271.53. Following the sale, the chief executive officer owned 822,588 shares of the company’s stock, valued at $21,806,807.88. The trade was a 14.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $27.27, for a total transaction of $818,100.00. Following the transaction, the chief operating officer owned 454,245 shares in the company, valued at approximately $12,387,261.15. This trade represents a 6.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 189,203 shares of company stock worth $5,058,572. 1.05% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on MTG shares. Keefe, Bruyette & Woods upped their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a research report on Thursday, December 18th. Barclays lowered their price objective on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 4th. Weiss Ratings lowered shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. Finally, UBS Group reduced their target price on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a report on Thursday, March 12th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $28.00.

MGIC Investment Trading Up 0.4%

Shares of MTG stock opened at $26.00 on Thursday. The company has a market capitalization of $5.59 billion, a P/E ratio of 8.28, a price-to-earnings-growth ratio of 2.06 and a beta of 0.83. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average is $26.50 and its two-hundred day moving average is $27.59. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $29.97.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.During the same quarter in the previous year, the firm earned $0.72 earnings per share. MGIC Investment’s revenue for the quarter was down .9% compared to the same quarter last year. Equities analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, February 17th. This represents a $0.60 dividend on an annualized basis and a yield of 2.3%. MGIC Investment’s dividend payout ratio is presently 19.11%.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.