Tuesday, July 23, 2024
Tuesday, July 23, 2024
Home » Allspring Global Investments Holdings LLC Decreases Stock Holdings in MGIC Investment Co. (NYSE:MTG)

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

by Jessie Chambers
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Allspring Global Investments Holdings LLC reduced its position in shares of MGIC Investment Co. (NYSE:MTG – Free Report) by 9.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 100,905 shares of the insurance provider’s stock after selling 10,820 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MGIC Investment were worth $1,354,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MTG. Raymond James Financial Services Advisors Inc. lifted its position in shares of MGIC Investment by 13.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 103,446 shares of the insurance provider’s stock worth $1,402,000 after purchasing an additional 12,256 shares during the last quarter. HighTower Advisors LLC purchased a new stake in shares of MGIC Investment during the 1st quarter worth $230,000. Natixis Advisors L.P. lifted its position in shares of MGIC Investment by 42.1% during the 1st quarter. Natixis Advisors L.P. now owns 25,204 shares of the insurance provider’s stock worth $342,000 after purchasing an additional 7,472 shares during the last quarter. MetLife Investment Management LLC lifted its position in MGIC Investment by 31.3% in the first quarter. MetLife Investment Management LLC now owns 207,142 shares of the insurance provider’s stock valued at $2,807,000 after acquiring an additional 49,361 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in MGIC Investment by 8.8% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 117,400 shares of the insurance provider’s stock valued at $1,591,000 after acquiring an additional 9,454 shares during the last quarter. 95.24% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Trading Up 1.3 %

NYSE MTG opened at $15.58 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a market cap of $4.47 billion, a PE ratio of 5.60, a P/E/G ratio of 1.40 and a beta of 1.32. MGIC Investment Co. has a one year low of $12.13 and a one year high of $16.07. The firm’s fifty day moving average is $15.25 and its two-hundred day moving average is $14.13.

MGIC Investment (NYSE:MTG – Free Report) last posted its quarterly earnings data on Wednesday, May 3rd. The insurance provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. MGIC Investment had a net margin of 72.70% and a return on equity of 18.77%. The company had revenue of $284.00 million for the quarter, compared to analyst estimates of $291.89 million. During the same period in the previous year, the business posted $0.60 earnings per share. MGIC Investment’s quarterly revenue was down 3.6% on a year-over-year basis. Analysts expect that MGIC Investment Co. will post 2.19 earnings per share for the current year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 25th. Stockholders of record on Thursday, May 11th were paid a dividend of $0.10 per share. The ex-dividend date was Wednesday, May 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.57%. MGIC Investment’s dividend payout ratio (DPR) is 14.39%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MTG shares. Compass Point raised shares of MGIC Investment from a “neutral” rating to a “buy” rating and set a $18.00 price target for the company in a research report on Tuesday, April 11th. Royal Bank of Canada cut shares of MGIC Investment from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $17.00 to $15.70 in a research report on Thursday. Finally, StockNews.com initiated coverage on shares of MGIC Investment in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.14.

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.

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

Source : MarketBeat

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