Ballast Asset Management LP Sells 48,861 Shares of MGIC Investment Co. (NYSE:MTG)

Ballast Asset Management LP trimmed its stake in shares of MGIC Investment Co. (NYSE:MTG) by 17.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 227,745 shares of the insurance provider’s stock after selling 48,861 shares during the quarter. MGIC Investment comprises about 2.7% of Ballast Asset Management LP’s portfolio, making the stock its 11th biggest holding. Ballast Asset Management LP owned approximately 0.09% of MGIC Investment worth $5,400,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its position in MGIC Investment by 21.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock worth $55,000 after purchasing an additional 419 shares during the period. Xponance Inc. raised its position in shares of MGIC Investment by 1.3% in the 4th quarter. Xponance Inc. now owns 35,320 shares of the insurance provider’s stock valued at $837,000 after buying an additional 442 shares in the last quarter. Nations Financial Group Inc. IA ADV lifted its holdings in shares of MGIC Investment by 1.6% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider’s stock worth $897,000 after acquiring an additional 579 shares during the period. US Bancorp DE boosted its position in shares of MGIC Investment by 6.2% during the 4th quarter. US Bancorp DE now owns 10,249 shares of the insurance provider’s stock worth $243,000 after acquiring an additional 600 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in MGIC Investment by 6.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider’s stock valued at $248,000 after acquiring an additional 608 shares during the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Trading Up 1.7 %

Shares of NYSE MTG opened at $24.83 on Tuesday. The firm has a 50 day moving average price of $24.35 and a two-hundred day moving average price of $24.67. The stock has a market cap of $6.02 billion, a P/E ratio of 8.56 and a beta of 1.28. MGIC Investment Co. has a 52-week low of $19.26 and a 52-week high of $26.56. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 earnings per share 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 analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Tuesday, February 18th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.09%. The ex-dividend date was Tuesday, February 18th. MGIC Investment’s payout ratio is presently 17.93%.

Insider Buying and Selling at MGIC Investment

In other news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction 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 $1,842,968.50. This represents a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Compass Point restated a “neutral” rating and set a $27.00 target price (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. UBS Group lifted their target price on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Keefe, Bruyette & Woods lowered their target price 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. Barclays raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and lowered their price objective 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 assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.75.

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.