Bokf Na Buys New Stake in MGIC Investment Co. (NYSE:MTG)

Bokf Na acquired a new position in MGIC Investment Co. (NYSE:MTG - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 18,930 shares of the insurance provider's stock, valued at approximately $433,000.

Other hedge funds have also modified their holdings of the company. Ritholtz Wealth Management boosted its position in MGIC Investment by 13.4% during the fourth quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider's stock worth $2,174,000 after purchasing an additional 10,864 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in MGIC Investment by 33.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider's stock valued at $958,000 after acquiring an additional 10,130 shares during the period. Asset Management One Co. Ltd. increased its holdings in MGIC Investment by 311.0% in the 4th quarter. Asset Management One Co. Ltd. now owns 66,493 shares of the insurance provider's stock worth $1,575,000 after acquiring an additional 50,316 shares in the last quarter. Empowered Funds LLC acquired a new position in MGIC Investment during the fourth quarter worth $1,166,000. Finally, Allianz Asset Management GmbH lifted its holdings in MGIC Investment by 8.2% during the fourth quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider's stock valued at $130,289,000 after purchasing an additional 415,586 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the transaction, the chief accounting officer now 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 filing with the SEC, which is available through the SEC website. Corporate insiders own 1.05% of the company's stock.

MGIC Investment Price Performance

Shares of MTG stock opened at $26.22 on Friday. 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 company has a market capitalization of $6.23 billion, a PE ratio of 9.04 and a beta of 0.91. The firm's 50-day moving average is $24.15 and its two-hundred day moving average is $24.46. MGIC Investment Co. has a 12 month low of $20.11 and a 12 month high of $26.59.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.66 by $0.09. The firm had revenue of $306.23 million for the quarter, compared to analyst estimates of $306.66 million. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The business's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.65 EPS. Analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment declared that its Board of Directors has approved a stock repurchase program on Thursday, April 24th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase up to 12.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

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. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Thursday, May 8th. MGIC Investment's dividend payout ratio is presently 17.28%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MTG shares. Barclays raised 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. Keefe, Bruyette & Woods reduced their price objective 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. UBS Group upped 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. Finally, Compass Point restated a "neutral" rating and set a $27.00 price target (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $26.50.

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.

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