Principal Financial Group Inc. Boosts Stake in MGIC Investment Co. (NYSE:MTG)

Principal Financial Group Inc. raised its position in MGIC Investment Co. (NYSE:MTGGet Rating) by 9.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,219,034 shares of the insurance provider’s stock after buying an additional 105,356 shares during the period. Principal Financial Group Inc. owned approximately 0.40% of MGIC Investment worth $15,360,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTG. Vanguard Group Inc. lifted its position in shares of MGIC Investment by 3.7% during the first quarter. Vanguard Group Inc. now owns 33,025,974 shares of the insurance provider’s stock worth $447,501,000 after purchasing an additional 1,166,300 shares during the last quarter. BlackRock Inc. lifted its position in shares of MGIC Investment by 0.5% during the first quarter. BlackRock Inc. now owns 27,872,353 shares of the insurance provider’s stock worth $377,670,000 after purchasing an additional 127,008 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of MGIC Investment by 38.4% during the first quarter. Goldman Sachs Group Inc. now owns 10,458,631 shares of the insurance provider’s stock worth $141,715,000 after purchasing an additional 2,904,381 shares during the last quarter. Bank of Nova Scotia lifted its position in shares of MGIC Investment by 18.6% during the first quarter. Bank of Nova Scotia now owns 9,803,863 shares of the insurance provider’s stock worth $132,842,000 after purchasing an additional 1,534,540 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of MGIC Investment by 14.8% during the first quarter. JPMorgan Chase & Co. now owns 9,608,483 shares of the insurance provider’s stock worth $130,194,000 after purchasing an additional 1,235,554 shares during the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on MTG. Barclays reduced their price target on shares of MGIC Investment from $23.00 to $16.00 and set an “overweight” rating on the stock in a research report on Thursday, October 13th. Bank of America upgraded shares of MGIC Investment from a “neutral” rating to a “buy” rating and set a $18.00 price objective on the stock in a research note on Thursday, August 18th. StockNews.com assumed coverage on shares of MGIC Investment in a research note on Wednesday, October 12th. They set a “buy” rating on the stock. Credit Suisse Group dropped their price objective on shares of MGIC Investment to $15.00 in a research note on Thursday, October 13th. Finally, Compass Point lowered shares of MGIC Investment from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $19.00 to $14.50 in a research note on Tuesday, November 8th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $16.08.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $13.54 on Thursday. The firm’s 50 day moving average is $13.27 and its two-hundred day moving average is $13.51. MGIC Investment Co. has a 52 week low of $11.38 and a 52 week high of $16.84. The firm has a market capitalization of $4.02 billion, a P/E ratio of 5.07, a PEG ratio of 0.94 and a beta of 1.38. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.15.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 23rd. Shareholders of record on Thursday, November 10th were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, November 9th. This represents a $0.40 annualized dividend and a dividend yield of 2.95%. MGIC Investment’s payout ratio is currently 14.98%.

MGIC Investment Company Profile

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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, 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.

See Also

Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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