Raymond James Financial Inc. purchased a new stake in MGIC Investment Co. (NYSE:MTG - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 73,377 shares of the insurance provider's stock, valued at approximately $1,740,000.
A number of other large investors also recently modified their holdings of MTG. UMB Bank n.a. lifted its stake in MGIC Investment by 131.9% during the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 938 shares during the last quarter. Venturi Wealth Management LLC lifted its position in shares of MGIC Investment by 102.1% during the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock worth $43,000 after purchasing an additional 918 shares during the last quarter. V Square Quantitative Management LLC increased its holdings in shares of MGIC Investment by 61.9% during the 4th quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock worth $49,000 after purchasing an additional 794 shares during the period. Physician Wealth Advisors Inc. acquired a new position in shares of MGIC Investment in the fourth quarter valued at $54,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of MGIC Investment by 21.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock valued at $55,000 after acquiring an additional 419 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
MTG has been the topic of a number of recent analyst reports. Compass Point restated a "neutral" rating and issued a $27.00 price target (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. UBS Group increased their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Keefe, Bruyette & Woods dropped their price objective on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a report on Tuesday, April 8th. Finally, Barclays lifted 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. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, MGIC Investment has a consensus rating of "Hold" and a consensus price target of $26.50.
Check Out Our Latest Research Report on MGIC Investment
MGIC Investment Trading Up 1.7 %
MTG stock opened at $25.33 on Friday. The company has a fifty day moving average price of $23.91 and a two-hundred day moving average price of $24.45. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. The stock has a market cap of $6.14 billion, a price-to-earnings ratio of 8.73 and a beta of 0.93. MGIC Investment Co. has a one year low of $20.02 and a one year high of $26.56.
MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.09. The firm had revenue of $306.23 million for the quarter, compared to analysts' expectations of $306.66 million. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. The company's quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.65 EPS. Equities analysts anticipate that MGIC Investment Co. will post 2.71 EPS for the current year.
MGIC Investment Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th will be issued a dividend of $0.13 per share. The ex-dividend date is Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.05%. MGIC Investment's dividend payout ratio (DPR) is currently 17.28%.
MGIC Investment declared that its Board of Directors has approved a stock buyback program on Thursday, April 24th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to repurchase up to 12.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.
Insider Activity
In other news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $24.55, for a total transaction of $112,930.00. Following the sale, the chief accounting officer now directly owns 75,070 shares of the company's stock, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.05% of the stock is currently owned by corporate insiders.
About MGIC Investment
(
Free Report)
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider MGIC Investment, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and MGIC Investment wasn't on the list.
While MGIC Investment currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's list of ten stocks that are set to soar in Spring 2025, despite the threat of tariffs and other economic uncertainty. These ten stocks are incredibly resilient and are likely to thrive in any economic environment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
