American Century Companies Inc. Cuts Stock Holdings in MGIC Investment Co. (NYSE:MTG)

American Century Companies Inc. reduced its position in shares of MGIC Investment Co. (NYSE:MTG) by 0.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,034,509 shares of the insurance provider’s stock after selling 22,564 shares during the period. American Century Companies Inc. owned 1.20% of MGIC Investment worth $71,948,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MTG. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of MGIC Investment by 369.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 57,722 shares of the insurance provider’s stock valued at $1,478,000 after acquiring an additional 45,419 shares during the last quarter. Hancock Whitney Corp purchased a new position in shares of MGIC Investment in the 3rd quarter worth about $777,000. Brooklyn Investment Group bought a new position in MGIC Investment during the third quarter valued at about $69,000. BNP Paribas Financial Markets increased its holdings in MGIC Investment by 26.0% during the third quarter. BNP Paribas Financial Markets now owns 307,547 shares of the insurance provider’s stock worth $7,873,000 after buying an additional 63,473 shares during the last quarter. Finally, Bridgewater Associates LP bought a new stake in MGIC Investment in the third quarter worth about $774,000. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Stock Up 1.0 %

Shares of MTG opened at $24.30 on Wednesday. MGIC Investment Co. has a 1 year low of $19.26 and a 1 year high of $26.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. The stock has a 50 day simple moving average of $24.32 and a two-hundred day simple moving average of $24.67. The firm has a market cap of $5.90 billion, a P/E ratio of 8.38 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. On average, analysts forecast that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were issued a $0.13 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 annualized dividend and a dividend yield of 2.14%. MGIC Investment’s dividend payout ratio is currently 17.93%.

Insider Activity

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $24.55, for a total value of $112,930.00. Following the completion of the sale, the chief accounting officer now owns 75,070 shares in the company, valued at approximately $1,842,968.50. The trade was a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.05% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MTG. UBS Group lifted their price target on shares of 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 lowered their price objective on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research note on Wednesday, January 8th. Barclays boosted 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. Compass Point reissued a “neutral” rating and set a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Finally, Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $26.00 to $25.00 in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $26.75.

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.