Grantham Mayo Van Otterloo & Co. LLC Sells 18,648 Shares of MGIC Investment Co. (NYSE:MTG)

Grantham Mayo Van Otterloo & Co. LLC decreased its stake in shares of MGIC Investment Co. (NYSE:MTG) by 3.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 486,978 shares of the insurance provider’s stock after selling 18,648 shares during the period. Grantham Mayo Van Otterloo & Co. LLC owned about 0.19% of MGIC Investment worth $11,546,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MTG. EverSource Wealth Advisors LLC lifted its holdings in shares of MGIC Investment by 21.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock valued at $55,000 after buying an additional 419 shares during the period. Xponance Inc. boosted its position in MGIC Investment by 1.3% in the fourth quarter. Xponance Inc. now owns 35,320 shares of the insurance provider’s stock worth $837,000 after purchasing an additional 442 shares during the last quarter. Nations Financial Group Inc. IA ADV grew its stake in shares of MGIC Investment by 1.6% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider’s stock valued at $897,000 after purchasing an additional 579 shares during the period. US Bancorp DE increased its position in shares of MGIC Investment by 6.2% during the 4th quarter. US Bancorp DE now owns 10,249 shares of the insurance provider’s stock valued at $243,000 after purchasing an additional 600 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of MGIC Investment by 6.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider’s stock worth $248,000 after purchasing an additional 608 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Keefe, Bruyette & Woods reduced their target price 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 MGIC Investment from a “buy” rating to an “underperform” rating and lowered their target price for the company from $26.00 to $25.00 in a research report on Monday, December 9th. Compass Point reaffirmed a “neutral” rating and issued a $27.00 price objective (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Barclays increased their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, UBS Group upped their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $26.75.

Insider Buying and Selling at MGIC Investment

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

MGIC Investment Trading Down 5.1 %

Shares of MTG stock opened at $23.09 on Monday. 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 stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of 7.96 and a beta of 0.93. MGIC Investment Co. has a 12-month low of $19.26 and a 12-month high of $26.56. The stock’s 50-day moving average price is $24.33 and its 200-day moving average price is $24.65.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) 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%. Equities research analysts predict that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.25%. The ex-dividend date was Tuesday, February 18th. MGIC Investment’s payout ratio is 17.93%.

About MGIC Investment

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.