Nisa Investment Advisors LLC has reportedly acquired a significant stake in MGIC Investment Co. (NYSE:MTG) in the fourth quarter, according to a Form 13F filed with the SEC on April 24, 2023. The company purchased 309,000 shares of the insurance company’s stock. , which increased its ownership from about 0.10% to a staggering 135,526.3%, ending up with a total of $4,020,000 worth of shares.
MGIC Investments recently released its final quarter earnings data on February 2nd, reporting a satisfactory return on equity (ROE) of 19.71%, giving investors confidence in the future prospects and growth of this industry leader. is giving The company’s earnings of $292.25 million for the same period were about $2 million lower than analyst estimates, at $295.17 million, but earnings per share (EPS) beat expectations and were below expectations. EPS rose to $0.64 against EPS of $0.59.
In other news, director Gary A. Polliner made headlines when he sold more than 8,000 shares of MGIC Investments stock in a transaction valued at more than $115,000 on February 27th of this year alone. The directors’ remaining holdings are still valued at an impressive estimated total of approximately $123,000 after the sale.
The adjustments made by Nisa Investment Advisors LLC continue to grow at an unprecedented rate in this space, largely thanks to smart investments like these, so we will take every opportunity we can get in this space. It is attracting attention from industry insiders who are going to use it. .
Equity research analysts expect MGIC Investment Co.’s share price to continue to rise above traditional norms, so astute investors can take advantage of such opportunities while they are still available. It is easy to understand why.
Increased Institutional Investments and Positive Q4 Earnings Report Boost MGIC Investment Co.’s Share Price
MGIC Investment Co. shares began trading at $14.30 on April 24, 2023 with a market capitalization of $4.15 billion. Insurance company stock prices have been trending higher recently, supported by recent holding revisions by some hedge funds and institutional investors. Vanguard Group Inc., BlackRock Inc., Dimensional Fund Advisors LP, State Street Corp, and Goldman Sachs Group Inc. all increased their positions in the company in the first quarter of 2023.
Vanguard Group currently owns over 37 million shares worth nearly $500 million. BlackRock owns over 27 million shares of him worth over $377 million. Dimensional Fund Advisors holds over 10 million shares worth over $136 million. Even State Street Corp and Goldman Sachs Group have seen their stakes increase, with State Street owning about 15 million shares worth more than $134 million and Goldman Sachs Group with just under $142 million. It holds just under 11 million shares of value.
Despite these increases, 96.95% of MGIC’s shares still belong to institutional investors. In related news on his February 27th this year, the director said Gary A. Poliner sold over 8,000 of his shares at an average of $13.92 per share, bringing him over $115,000. .
The latest activity comes after MGIC’s fourth-quarter earnings report was released in January, which showed net profit was up more than a third from the same period last year. As a result, multiple analysts have repeatedly rated ‘buy’ and raised their recommendations for MGIC stock over the past few months, along with several downgrades.
Overall, though, the stock seems to be doing well, especially given that MGIC recently paid a quarterly dividend that equates to a yield of nearly 3% ($0.10 per share) for the year. Individual insider ownership exists, but it represents only a small percentage (0.79%) of the total shares outstanding. With all this in mind, according to Bloomberg, MGIC Investment Co.’s stock’s average rating is now “moderate buy” with an average target price of $16.20 for him.