Allspring Global Investments Holdings LLC Cuts Stock Position in MGIC Investment Co. (NYSE:MTG)

Allspring Global Investments Holdings LLC decreased its position in shares of MGIC Investment Co. (NYSE:MTG) by 56.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,860 shares of the insurance provider’s stock after selling 48,721 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MGIC Investment were worth $816,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc lifted its holdings in shares of MGIC Investment by 482.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 946 shares during the last quarter. Quarry LP raised its stake in MGIC Investment by 244.4% in the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock valued at $38,000 after buying an additional 1,403 shares during the last quarter. CWM LLC boosted its holdings in MGIC Investment by 249.1% in the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 1,552 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of MGIC Investment during the first quarter worth about $50,000. Finally, Johnson Financial Group Inc. acquired a new position in shares of MGIC Investment during the fourth quarter valued at about $59,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MTG. Barclays boosted their target price on shares of MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Roth Mkm upped their target price on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Keefe, Bruyette & Woods raised MGIC Investment from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $24.00 to $25.00 in a research report on Monday, June 3rd. UBS Group increased their price objective on MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a report on Wednesday, May 22nd. Finally, BTIG Research lifted their target price on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $24.33.

MGIC Investment Stock Performance

NYSE MTG opened at $25.52 on Thursday. MGIC Investment Co. has a fifty-two week low of $16.30 and a fifty-two week high of $25.93. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $6.80 billion, a P/E ratio of 9.82, a PEG ratio of 1.35 and a beta of 1.28. The stock has a 50-day simple moving average of $23.55 and a two-hundred day simple moving average of $21.67.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. The company had revenue of $305.28 million during the quarter, compared to the consensus estimate of $301.02 million. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. MGIC Investment’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 earnings per share. On average, equities analysts forecast that MGIC Investment Co. will post 2.76 earnings per share for the current year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend was Thursday, August 8th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.12. MGIC Investment’s dividend payout ratio (DPR) is currently 20.00%.

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.