Ameriprise Financial Inc. Has $20.09 Million Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Ameriprise Financial Inc. boosted its stake in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 4.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 847,457 shares of the insurance provider's stock after purchasing an additional 34,273 shares during the period. Ameriprise Financial Inc. owned approximately 0.33% of MGIC Investment worth $20,093,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in MGIC Investment by 21.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock worth $55,000 after acquiring an additional 419 shares during the period. Xponance Inc. increased its holdings in MGIC Investment by 1.3% during the 4th quarter. Xponance Inc. now owns 35,320 shares of the insurance provider's stock worth $837,000 after purchasing an additional 442 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its holdings in MGIC Investment by 1.6% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider's stock valued at $897,000 after acquiring an additional 579 shares in the last quarter. US Bancorp DE raised its stake in shares of MGIC Investment by 6.2% in the 4th quarter. US Bancorp DE now owns 10,249 shares of the insurance provider's stock valued at $243,000 after purchasing an additional 600 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in MGIC Investment by 6.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider's stock worth $248,000 after buying an additional 608 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Keefe, Bruyette & Woods decreased their target price on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a research note on Tuesday, April 8th. Barclays lifted their price target on MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Compass Point reiterated a "neutral" rating and issued a $27.00 target price (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Finally, UBS Group upped their target price on MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $26.50.

Insider Activity at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the firm's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $24.55, for a total value of $112,930.00. Following the completion of the transaction, the chief accounting officer now directly owns 75,070 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. 1.05% of the stock is owned by corporate insiders.

MGIC Investment Stock Performance

NYSE MTG traded down $0.21 during trading on Monday, hitting $26.69. The company's stock had a trading volume of 1,315,065 shares, compared to its average volume of 1,800,815. MGIC Investment Co. has a 52 week low of $20.11 and a 52 week high of $26.92. The firm has a market cap of $6.34 billion, a P/E ratio of 9.20 and a beta of 0.91. The firm has a 50 day moving average price of $24.45 and a 200 day moving average price of $24.49. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The business had revenue of $306.23 million for the quarter, compared to analyst estimates of $306.66 million. During the same quarter in the previous year, the firm posted $0.65 earnings per share. MGIC Investment's revenue was up 4.0% compared to the same quarter last year. Equities research analysts forecast that MGIC Investment Co. 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 will be paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Thursday, May 8th. MGIC Investment's dividend payout ratio is currently 17.28%.

MGIC Investment declared that its board has approved a share repurchase program on Thursday, April 24th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to repurchase up to 12.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

MGIC Investment 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, 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.