Cresset Asset Management LLC Lowers Stake in MGIC Investment Co. (NYSE:MTG)

Cresset Asset Management LLC reduced its holdings in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 67.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,225 shares of the insurance provider's stock after selling 27,446 shares during the quarter. Cresset Asset Management LLC's holdings in MGIC Investment were worth $314,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MTG. EverSource Wealth Advisors LLC raised its stake in shares of MGIC Investment by 21.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock worth $55,000 after purchasing an additional 419 shares during the last quarter. Xponance Inc. lifted its position in shares of MGIC Investment by 1.3% during the fourth quarter. Xponance Inc. now owns 35,320 shares of the insurance provider's stock valued at $837,000 after purchasing an additional 442 shares in the last quarter. Nations Financial Group Inc. IA ADV lifted its position in shares of MGIC Investment by 1.6% during 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 purchasing an additional 579 shares in the last quarter. US Bancorp DE increased its stake in 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 buying an additional 600 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in MGIC Investment by 6.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider's stock valued at $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.

MGIC Investment Stock Performance

MGIC Investment stock traded down $0.09 during mid-day trading on Tuesday, reaching $26.61. The company's stock had a trading volume of 1,468,345 shares, compared to its average volume of 1,799,491. The firm's fifty day moving average price is $24.54 and its two-hundred day moving average price is $24.52. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. MGIC Investment Co. has a 12-month low of $20.11 and a 12-month high of $26.92. The company has a market capitalization of $6.32 billion, a P/E ratio of 9.18 and a beta of 0.91.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $306.66 million. During the same quarter in the previous year, the firm posted $0.65 EPS. The business's revenue for the quarter was up 4.0% compared to the same quarter last year. Sell-side analysts predict that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

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

MGIC Investment Announces Dividend

The company 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 $0.13 dividend. 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 payout ratio is 17.28%.

Insider Transactions at MGIC Investment

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the firm's stock in a transaction on Friday, February 21st. The shares were 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.05% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MTG shares. Compass Point reaffirmed 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. Keefe, Bruyette & Woods reduced their target price on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a report on Tuesday, April 8th. Barclays lifted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Finally, UBS Group increased their price objective 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 given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $26.50.

About MGIC Investment

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.