Principal Financial Group Inc. Lowers Holdings in MGIC Investment Co. (NYSE:MTG)

Principal Financial Group Inc. decreased its holdings in MGIC Investment Co. (NYSE:MTG) by 32.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 600,282 shares of the insurance provider’s stock after selling 287,480 shares during the period. Principal Financial Group Inc.’s holdings in MGIC Investment were worth $15,367,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the business. Vident Advisory LLC grew its holdings in shares of MGIC Investment by 21.1% during the first quarter. Vident Advisory LLC now owns 212,660 shares of the insurance provider’s stock valued at $4,755,000 after buying an additional 37,030 shares during the last quarter. Sei Investments Co. boosted its holdings in MGIC Investment by 31.7% in the first quarter. Sei Investments Co. now owns 496,778 shares of the insurance provider’s stock valued at $11,108,000 after purchasing an additional 119,476 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in MGIC Investment by 24.9% in the first quarter. DekaBank Deutsche Girozentrale now owns 369,053 shares of the insurance provider’s stock valued at $8,132,000 after purchasing an additional 73,474 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in MGIC Investment by 2.4% in the first quarter. Clearbridge Investments LLC now owns 6,008,042 shares of the insurance provider’s stock valued at $134,340,000 after purchasing an additional 139,562 shares during the last quarter. Finally, Edgestream Partners L.P. boosted its holdings in MGIC Investment by 153.9% in the second quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider’s stock valued at $5,279,000 after purchasing an additional 148,494 shares during the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Trading Up 1.3 %

MTG stock opened at $24.91 on Friday. The company’s 50-day simple moving average is $25.18 and its 200-day simple moving average is $23.34. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. MGIC Investment Co. has a 52-week low of $17.25 and a 52-week high of $26.52. The firm has a market cap of $6.31 billion, a P/E ratio of 8.77, a PEG ratio of 1.79 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The firm had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. During the same quarter in the prior year, the firm earned $0.64 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities analysts forecast that MGIC Investment Co. will post 2.81 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 annualized dividend and a dividend yield of 2.09%. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. BTIG Research upped their price target on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Barclays upped their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. Royal Bank of Canada lowered their price target on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Finally, Roth Mkm upped their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $25.50.

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.