Grantham Mayo Van Otterloo & Co. LLC Sells 77,424 Shares of MGIC Investment Corporation $MTG

Grantham Mayo Van Otterloo & Co. LLC lessened its stake in MGIC Investment Corporation (NYSE:MTG) by 12.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 568,326 shares of the insurance provider’s stock after selling 77,424 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC owned about 0.25% of MGIC Investment worth $16,123,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of MGIC Investment in the second quarter valued at approximately $95,857,000. AQR Capital Management LLC lifted its holdings in MGIC Investment by 92.4% during the 2nd quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock worth $176,313,000 after buying an additional 3,041,446 shares in the last quarter. First Trust Advisors LP lifted its holdings in MGIC Investment by 48.1% during the 2nd quarter. First Trust Advisors LP now owns 7,302,263 shares of the insurance provider’s stock worth $203,295,000 after buying an additional 2,370,403 shares in the last quarter. JPMorgan Chase & Co. boosted its position in MGIC Investment by 13.4% in the 2nd 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 last quarter. Finally, Assetmark Inc. boosted its position in MGIC Investment by 1,208.1% in the 3rd quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider’s stock valued at $47,496,000 after buying an additional 1,546,173 shares during the last quarter. 95.58% of the stock is owned by institutional investors.

MGIC Investment Price Performance

NYSE MTG opened at $26.60 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.52 and a current ratio of 1.52. The stock has a market cap of $5.72 billion, a price-to-earnings ratio of 8.47, a PEG ratio of 2.10 and a beta of 0.83. The business has a 50 day simple moving average of $27.17 and a 200 day simple moving average of $27.76. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week high of $29.97.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. MGIC Investment had a net margin of 60.84% and a return on equity of 14.33%. The business’s revenue was down .9% on a year-over-year basis. During the same period last year, the company earned $0.72 EPS. Analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Tuesday, February 17th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Tuesday, February 17th. MGIC Investment’s dividend payout ratio (DPR) is presently 19.11%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MTG. Keefe, Bruyette & Woods lifted their target price on MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Thursday, December 18th. Weiss Ratings cut MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, February 5th. Finally, Barclays lowered their price objective on MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 4th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $28.00.

Insider Activity at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction on 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 approximately $3,155,094.39. This represents a 14.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the company’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the completion of the transaction, the chief executive officer directly owned 822,588 shares of the company’s stock, valued at approximately $21,806,807.88. The trade was a 14.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 189,203 shares of company stock valued at $5,058,572. 1.41% of the stock is owned by corporate insiders.

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.