Principal Financial Group Inc. Sells 26,069 Shares of MGIC Investment Corporation $MTG

Principal Financial Group Inc. cut its stake in MGIC Investment Corporation (NYSE:MTG) by 4.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 512,127 shares of the insurance provider’s stock after selling 26,069 shares during the period. Principal Financial Group Inc.’s holdings in MGIC Investment were worth $14,529,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MTG. JPMorgan Chase & Co. lifted its stake in shares of MGIC Investment by 13.4% in the second quarter. JPMorgan Chase & Co. now owns 18,331,120 shares of the insurance provider’s stock valued at $510,338,000 after buying an additional 2,168,940 shares during the period. First Trust Advisors LP raised its holdings in MGIC Investment by 48.1% in the 2nd quarter. First Trust Advisors LP now owns 7,302,263 shares of the insurance provider’s stock valued at $203,295,000 after acquiring an additional 2,370,403 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of MGIC Investment by 92.4% in the 2nd quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock worth $176,313,000 after acquiring an additional 3,041,446 shares during the period. Allianz Asset Management GmbH grew its holdings in shares of MGIC Investment by 40.6% during the 2nd quarter. Allianz Asset Management GmbH now owns 5,398,356 shares of the insurance provider’s stock worth $150,290,000 after purchasing an additional 1,557,970 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of MGIC Investment during the second quarter valued at approximately $95,857,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Down 2.6%

Shares of NYSE:MTG opened at $26.60 on Tuesday. The company’s fifty day moving average is $28.05 and its 200-day moving average is $27.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.48 and a current ratio of 0.78. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.97. The company has a market capitalization of $5.95 billion, a PE ratio of 8.47, a P/E/G ratio of 2.17 and a beta of 0.83.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.02. The firm had revenue of $298.65 million during the quarter, compared to the consensus estimate of $308.19 million. MGIC Investment had a net margin of 60.84% and a return on equity of 14.33%. The firm’s quarterly revenue was down .9% on a year-over-year basis. During the same period last year, the firm posted $0.72 EPS. Equities research analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Tuesday, February 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, February 17th. MGIC Investment’s payout ratio is presently 19.11%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Barclays decreased their price target on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 4th. Weiss Ratings lowered shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday. Finally, Keefe, Bruyette & Woods upped their target price on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Thursday, December 18th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $27.50.

Insider Buying and Selling

In other news, CEO Timothy J. Mattke sold 139,203 shares of the firm’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total value of $3,690,271.53. Following the completion of the sale, the chief executive officer directly owned 822,588 shares in the company, valued at approximately $21,806,807.88. This trade represents a 14.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $27.51, for a total value of $550,200.00. Following the completion of the transaction, the executive vice president directly owned 114,689 shares of the company’s stock, valued at $3,155,094.39. This represents a 14.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 189,203 shares of company stock worth $5,058,572 in the last three months. Insiders own 1.41% of the company’s stock.

About MGIC Investment

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.