Corebridge Financial Inc. Cuts Stake in MGIC Investment Co. (NYSE:MTG)

Corebridge Financial Inc. lessened its stake in shares of MGIC Investment Co. (NYSE:MTG) by 6.5% during the fourth quarter, HoldingsChannel reports. The firm owned 286,716 shares of the insurance provider’s stock after selling 19,824 shares during the period. Corebridge Financial Inc.’s holdings in MGIC Investment were worth $6,798,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. KLP Kapitalforvaltning AS acquired a new position in shares of MGIC Investment in the 4th quarter worth approximately $1,982,000. AXQ Capital LP acquired a new position in shares of MGIC Investment during the fourth quarter valued at $242,000. Teacher Retirement System of Texas lifted its position in MGIC Investment by 2.7% in the 4th quarter. Teacher Retirement System of Texas now owns 373,411 shares of the insurance provider’s stock valued at $8,854,000 after purchasing an additional 9,939 shares during the last quarter. Xponance Inc. boosted its stake in MGIC Investment by 1.3% during the 4th quarter. Xponance Inc. now owns 35,320 shares of the insurance provider’s stock valued at $837,000 after purchasing an additional 442 shares during the period. Finally, William Blair Investment Management LLC grew its holdings in MGIC Investment by 2.5% in the 4th quarter. William Blair Investment Management LLC now owns 1,364,725 shares of the insurance provider’s stock worth $32,358,000 after buying an additional 32,980 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

MTG has been the topic of a number of recent analyst reports. Compass Point restated a “neutral” rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Barclays upped their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. UBS Group raised their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods decreased their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research note on Wednesday, January 8th. Finally, Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, MGIC Investment has a consensus rating of “Hold” and a consensus price target of $26.75.

Insider Buying and Selling at MGIC Investment

In related 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 directly owns 75,070 shares in the company, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.05% of the company’s stock.

MGIC Investment Stock Performance

MGIC Investment stock opened at $24.41 on Friday. 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 company has a market cap of $5.92 billion, a P/E ratio of 8.42 and a beta of 1.28. MGIC Investment Co. has a fifty-two week low of $19.26 and a fifty-two week high of $26.56. The firm’s 50 day simple moving average is $24.34 and its 200-day simple moving average is $24.67.

MGIC Investment (NYSE:MTG) last released its earnings results 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 return on equity of 14.86% and a net margin of 63.18%. As a group, equities research analysts predict that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The firm also recently announced 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. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 annualized dividend and a yield of 2.13%. MGIC Investment’s dividend payout ratio (DPR) is presently 17.93%.

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.