21,593 Shares in MGIC Investment Co. (NYSE:MTG) Bought by Peak Retirement Planning Inc.

Peak Retirement Planning Inc. purchased a new stake in shares of MGIC Investment Co. (NYSE:MTG - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 21,593 shares of the insurance provider's stock, valued at approximately $512,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. UMB Bank n.a. raised its stake in shares of MGIC Investment by 131.9% in the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock worth $39,000 after purchasing an additional 938 shares during the last quarter. Venturi Wealth Management LLC increased its holdings in MGIC Investment by 102.1% in the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock worth $43,000 after buying an additional 918 shares in the last quarter. V Square Quantitative Management LLC raised its position in MGIC Investment by 61.9% in the 4th quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock worth $49,000 after buying an additional 794 shares during the last quarter. Physician Wealth Advisors Inc. bought a new position in MGIC Investment during the 4th quarter valued at about $54,000. Finally, EverSource Wealth Advisors LLC lifted its stake in 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 during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Stock Performance

MTG traded up $0.02 during midday trading on Thursday, reaching $26.45. The company had a trading volume of 347,337 shares, compared to its average volume of 1,795,042. MGIC Investment Co. has a 1 year low of $20.11 and a 1 year high of $26.92. The company has a market cap of $6.28 billion, a P/E ratio of 9.11 and a beta of 0.91. The business has a 50-day moving average of $24.97 and a two-hundred day moving average of $24.61. 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 quarterly earnings data 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 business had revenue of $306.23 million for the quarter, compared to the consensus estimate of $306.66 million. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. The business's revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.65 earnings per share. As a group, equities research analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's payout ratio is currently 17.28%.

MGIC Investment announced that its board has approved a share repurchase program on Thursday, April 24th that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 12.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have recently weighed in on MTG. Keefe, Bruyette & Woods decreased their price objective on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a report on Tuesday, April 8th. UBS Group boosted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Barclays raised their price target on MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Finally, Compass Point reiterated a "neutral" rating and set a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. One investment 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. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $26.63.

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.