61,187 Shares in MGIC Investment Corporation (NYSE:MTG) Acquired by Lecap Asset Management Ltd.

Lecap Asset Management Ltd. purchased a new position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 61,187 shares of the insurance provider's stock, valued at approximately $1,516,000.

Several other large investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its holdings in MGIC Investment by 21.9% during 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 in the last quarter. Xponance Inc. raised its holdings in MGIC Investment by 1.3% during the fourth quarter. Xponance Inc. now owns 35,320 shares of the insurance provider's stock worth $837,000 after purchasing an additional 442 shares in the last quarter. Fifth Third Bancorp raised its holdings in MGIC Investment by 20.1% during the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after purchasing an additional 461 shares in the last quarter. NorthCrest Asset Manangement LLC raised its holdings in MGIC Investment by 1.3% during the first quarter. NorthCrest Asset Manangement LLC now owns 41,718 shares of the insurance provider's stock worth $1,034,000 after purchasing an additional 524 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings in MGIC Investment by 4.9% during the fourth quarter. ProShare Advisors LLC now owns 11,854 shares of the insurance provider's stock worth $281,000 after purchasing an additional 553 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MTG has been the subject of several analyst reports. Compass Point reissued a "neutral" rating and set a $28.00 price target (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Keefe, Bruyette & Woods cut their price target 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, MGIC Investment has an average rating of "Hold" and a consensus price target of $26.63.

Insider Activity

In other news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $26.49, for a total value of $529,800.00. Following the sale, the executive vice president now directly owns 157,395 shares in the company, valued at $4,169,393.55. This represents a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.41% of the company's stock.

MGIC Investment Price Performance

MTG traded up $0.12 on Friday, hitting $27.72. 3,319,090 shares of the company were exchanged, compared to its average volume of 1,833,576. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.25 and a current ratio of 1.25. The business's fifty day moving average is $26.19 and its 200 day moving average is $24.83. MGIC Investment Corporation has a fifty-two week low of $21.20 and a fifty-two week high of $28.28. The firm has a market capitalization of $6.58 billion, a P/E ratio of 9.21, a price-to-earnings-growth ratio of 2.53 and a beta of 0.89.

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 for the quarter, topping the consensus estimate of $0.66 by $0.09. The company had revenue of $306.23 million for the quarter, compared to analyst estimates of $306.66 million. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The firm's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.65 earnings per share. As a group, sell-side analysts anticipate that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were given a $0.13 dividend. The ex-dividend date was Thursday, May 8th. This represents a $0.52 annualized dividend and a dividend yield of 1.88%. MGIC Investment's dividend payout ratio is presently 17.28%.

MGIC Investment announced that its board has approved a stock repurchase plan on Thursday, April 24th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the insurance provider to purchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors 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.