Ballast Asset Management LP Sells 48,861 Shares of MGIC Investment Co. (NYSE:MTG)

Ballast Asset Management LP cut its stake in shares of MGIC Investment Co. (NYSE:MTG) by 17.7% during the 4th quarter, Holdings Channel reports. The fund owned 227,745 shares of the insurance provider’s stock after selling 48,861 shares during the period. MGIC Investment comprises approximately 2.7% of Ballast Asset Management LP’s investment portfolio, making the stock its 11th largest position. Ballast Asset Management LP’s holdings in MGIC Investment were worth $5,400,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of MTG. State Street Corp boosted its position in shares of MGIC Investment by 0.8% during the 3rd quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock worth $232,767,000 after purchasing an additional 73,851 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in MGIC Investment by 8.2% in the fourth quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock worth $130,289,000 after acquiring an additional 415,586 shares in the last quarter. Norges Bank bought a new position in MGIC Investment in the fourth quarter worth approximately $85,908,000. NewEdge Wealth LLC grew its stake in MGIC Investment by 11.6% in the fourth quarter. NewEdge Wealth LLC now owns 1,837,821 shares of the insurance provider’s stock valued at $43,575,000 after acquiring an additional 190,450 shares during the period. Finally, Franklin Resources Inc. increased its holdings in shares of MGIC Investment by 1.6% during the fourth quarter. Franklin Resources Inc. now owns 1,647,936 shares of the insurance provider’s stock valued at $39,072,000 after acquiring an additional 26,098 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Price Performance

MGIC Investment stock opened at $24.83 on Tuesday. The stock has a market cap of $6.02 billion, a P/E ratio of 8.56 and a beta of 1.28. 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’s 50 day moving average price is $24.35 and its two-hundred day moving average price is $24.67. 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 for the quarter, topping 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%. On average, equities analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th were issued a dividend of $0.13 per share. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a yield of 2.09%. MGIC Investment’s dividend payout ratio (DPR) is presently 17.93%.

Insiders Place Their Bets

In other news, CAO Julie K. Sperber sold 4,600 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the sale, the chief accounting officer now owns 75,070 shares in the company, valued at $1,842,968.50. This trade represents a 5.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MTG. UBS Group increased their target price on MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Keefe, Bruyette & Woods reduced their price objective on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday, January 8th. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. Barclays raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Finally, 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $26.75.

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.