Prudential Financial Inc. decreased its holdings in MGIC Investment Co. (NYSE:MTG – Get Rating) by 22.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 308,972 shares of the insurance provider's stock after selling 89,500 shares during the quarter. Prudential Financial Inc. owned about 0.10% of MGIC Investment worth $3,961,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. Asset Management One Co. Ltd. acquired a new stake in MGIC Investment in the third quarter valued at $912,000. Duality Advisers LP grew its holdings in MGIC Investment by 45.5% in the third quarter. Duality Advisers LP now owns 66,495 shares of the insurance provider's stock valued at $852,000 after purchasing an additional 20,785 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in MGIC Investment by 269.4% in the third quarter. Teacher Retirement System of Texas now owns 200,005 shares of the insurance provider's stock valued at $2,564,000 after purchasing an additional 145,857 shares during the last quarter. Larson Financial Group LLC grew its holdings in MGIC Investment by 4,866.4% in the third quarter. Larson Financial Group LLC now owns 96,298 shares of the insurance provider's stock valued at $1,235,000 after purchasing an additional 94,359 shares during the last quarter. Finally, Barclays PLC grew its holdings in MGIC Investment by 242.4% in the third quarter. Barclays PLC now owns 3,969,037 shares of the insurance provider's stock valued at $50,882,000 after purchasing an additional 2,809,973 shares during the last quarter. Hedge funds and other institutional investors own 96.95% of the company's stock.
Get MGIC Investment alerts:MGIC Investment Stock Down 0.8 %
Shares of NYSE:MTG opened at $14.17 on Friday. The stock's 50-day moving average price is $13.28 and its two-hundred day moving average price is $13.60. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.15. MGIC Investment Co. has a 12-month low of $11.38 and a 12-month high of $16.41. The firm has a market cap of $4.21 billion, a price-to-earnings ratio of 5.08, a PEG ratio of 1.25 and a beta of 1.37.
MGIC Investment (NYSE:MTG – Get Rating) last issued its quarterly earnings results on Thursday, February 2nd. The insurance provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. MGIC Investment had a return on equity of 19.78% and a net margin of 73.79%. The firm had revenue of $292.25 million for the quarter, compared to analyst estimates of $295.17 million. During the same period last year, the company earned $0.61 EPS. The firm's quarterly revenue was down .6% on a year-over-year basis. On average, research analysts forecast that MGIC Investment Co. will post 2.28 EPS for the current year.MGIC Investment Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 2nd. Shareholders of record on Friday, February 17th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend is Thursday, February 16th. MGIC Investment's payout ratio is 14.34%.
Analyst Upgrades and Downgrades
MTG has been the topic of several research reports. Barclays lowered MGIC Investment from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $16.00 to $14.00 in a report on Friday, January 6th. Compass Point lowered MGIC Investment from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $19.00 to $14.50 in a research note on Tuesday, November 8th. Credit Suisse Group decreased their price objective on MGIC Investment to $15.00 in a research note on Thursday, October 13th. Finally, StockNews.com lowered MGIC Investment from a "buy" rating to a "hold" rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $15.75.
MGIC Investment Profile
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MGIC Investment Corp. is a private mortgage insurer that serves lenders throughout the United States, and Puerto Rico. It also provides lenders with underwriting and other services and products related to home mortgage lending through its subsidiaries, such as Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp.
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