Swiss National Bank reduced its position in MGIC Investment Co. (NYSE:MTG – Get Rating) by 3.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 743,400 shares of the insurance provider’s stock after selling 26,400 shares during the quarter. Swiss National Bank’s holdings in MGIC Investment were worth $9,367,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also bought and sold shares of the company. Goldman Sachs Group Inc. raised its stake in shares of MGIC Investment by 38.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,458,631 shares of the insurance provider’s stock valued at $141,715,000 after purchasing an additional 2,904,381 shares during the period. National Bank of Canada FI boosted its holdings in shares of MGIC Investment by 312.1% in the 2nd quarter. National Bank of Canada FI now owns 3,073,222 shares of the insurance provider’s stock worth $38,723,000 after purchasing an additional 2,327,522 shares in the last quarter. Bank of Nova Scotia boosted its holdings in shares of MGIC Investment by 18.6% in the 1st quarter. Bank of Nova Scotia now owns 9,803,863 shares of the insurance provider’s stock worth $132,842,000 after purchasing an additional 1,534,540 shares in the last quarter. Donald Smith & CO. Inc. purchased a new stake in MGIC Investment during the 1st quarter valued at about $20,785,000. Finally, Westwood Holdings Group Inc. boosted its holdings in MGIC Investment by 135.5% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,356,583 shares of the insurance provider’s stock valued at $31,932,000 after acquiring an additional 1,355,862 shares during the period. 97.63% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts have commented on the company. Compass Point lowered MGIC Investment from a “buy” rating to a “neutral” rating and lowered their price target for the company from $19.00 to $14.50 in a research report on Tuesday, November 8th. Barclays decreased their target price on MGIC Investment from $23.00 to $16.00 and set an “overweight” rating for the company in a research report on Thursday, October 13th. Bank of America upgraded MGIC Investment from a “neutral” rating to a “buy” rating and set a $18.00 price target on the stock in a research note on Thursday, August 18th. StockNews.com assumed coverage on MGIC Investment in a research note on Wednesday, October 12th. They issued a “buy” rating on the stock. Finally, Credit Suisse Group cut their target price on MGIC Investment to $15.00 in a research note on Thursday, October 13th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, MGIC Investment presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.08.
MGIC Investment Trading Up 0.9 %
MGIC Investment Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 23rd. Investors of record on Thursday, November 10th will be given a $0.10 dividend. The ex-dividend date is Wednesday, November 9th. This represents a $0.40 annualized dividend and a yield of 3.01%. MGIC Investment’s dividend payout ratio is currently 14.98%.
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, 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.
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