Allspring Global Investments Holdings LLC Has $1.32 Million Position in MGIC Investment Co. (NYSE:MTG)

Allspring Global Investments Holdings LLC cut its position in shares of MGIC Investment Co. (NYSE:MTG) by 37.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68,454 shares of the insurance provider’s stock after selling 41,299 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MGIC Investment were worth $1,320,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. LSV Asset Management raised its stake in MGIC Investment by 8.5% in the third quarter. LSV Asset Management now owns 10,427,565 shares of the insurance provider’s stock valued at $174,036,000 after buying an additional 820,182 shares during the period. AQR Capital Management LLC raised its stake in MGIC Investment by 30.3% in the 3rd quarter. AQR Capital Management LLC now owns 4,233,477 shares of the insurance provider’s stock valued at $70,657,000 after acquiring an additional 985,512 shares during the period. FMR LLC lifted its holdings in MGIC Investment by 26.7% during the 3rd quarter. FMR LLC now owns 3,829,710 shares of the insurance provider’s stock valued at $63,918,000 after purchasing an additional 807,637 shares during the last quarter. American Century Companies Inc. boosted its position in MGIC Investment by 7.4% during the third quarter. American Century Companies Inc. now owns 3,332,552 shares of the insurance provider’s stock worth $55,620,000 after purchasing an additional 228,306 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of MGIC Investment by 47.3% in the third quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock valued at $52,983,000 after purchasing an additional 1,019,759 shares during the last quarter. 95.58% of the stock is owned by institutional investors.

MGIC Investment Stock Performance

NYSE MTG opened at $19.98 on Tuesday. MGIC Investment Co. has a 12-month low of $13.97 and a 12-month high of $22.43. The firm has a 50-day moving average price of $20.37 and a two-hundred day moving average price of $19.07. The company has a market capitalization of $5.39 billion, a P/E ratio of 8.02, a P/E/G ratio of 1.63 and a beta of 1.24. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The business had revenue of $284.72 million for the quarter, compared to the consensus estimate of $302.96 million. MGIC Investment had a return on equity of 14.82% and a net margin of 61.72%. Analysts anticipate that MGIC Investment Co. will post 2.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MTG. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $24.00 target price (up previously from $23.50) on shares of MGIC Investment in a report on Thursday, April 4th. Royal Bank of Canada boosted their price objective on MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a report on Friday, February 2nd. Finally, Roth Mkm increased their target price on MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, MGIC Investment currently has an average rating of “Hold” and a consensus target price of $21.08.

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.