Allspring Global Investments Holdings LLC Grows Stake in MGIC Investment Co. (NYSE:MTG)

Allspring Global Investments Holdings LLC raised its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 26.5% during the first quarter, HoldingsChannel.com reports. The firm owned 86,581 shares of the insurance provider’s stock after buying an additional 18,127 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MGIC Investment were worth $1,936,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MTG. GAMMA Investing LLC acquired a new position in MGIC Investment during the 4th quarter valued at about $30,000. Pacific Capital Wealth Advisors Inc. purchased a new stake in shares of MGIC Investment during the fourth quarter worth about $31,000. Quarry LP increased its holdings in shares of MGIC Investment by 244.4% during the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock valued at $38,000 after acquiring an additional 1,403 shares in the last quarter. CWM LLC boosted its stake in MGIC Investment by 249.1% in the 1st quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 1,552 shares in the last quarter. Finally, Blue Trust Inc. grew its position in MGIC Investment by 49.2% during the 4th quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider’s stock worth $50,000 after purchasing an additional 849 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $24.00 to $25.00 in a report on Monday, June 3rd. UBS Group raised their target price on MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 22nd. Four 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, the stock has a consensus rating of “Hold” and a consensus target price of $21.83.

MGIC Investment Price Performance

NYSE:MTG opened at $21.86 on Wednesday. The firm’s fifty day moving average is $20.93 and its two-hundred day moving average is $20.30. The firm has a market cap of $5.83 billion, a price-to-earnings ratio of 8.41, a PEG ratio of 7.26 and a beta of 1.28. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.05 and a current ratio of 1.05. MGIC Investment Co. has a one year low of $15.19 and a one year high of $22.43.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, May 1st. The insurance provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. The firm had revenue of $294.40 million for the quarter, compared to the consensus estimate of $301.62 million. MGIC Investment had a return on equity of 15.00% and a net margin of 62.85%. The company’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.54 earnings per share. Research analysts expect that MGIC Investment Co. will post 2.52 EPS for the current year.

MGIC Investment Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 21st. Stockholders of record on Thursday, May 9th were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 2.10%. The ex-dividend date was Wednesday, May 8th. MGIC Investment’s dividend payout ratio (DPR) is 17.69%.

MGIC Investment Company 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.