Lecap Asset Management Ltd. Takes $1.52 Million Position in MGIC Investment Corporation (NYSE:MTG)

Lecap Asset Management Ltd. acquired a new position in MGIC Investment Corporation (NYSE:MTG - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 61,187 shares of the insurance provider's stock, valued at approximately $1,516,000.

A number of other institutional investors have also recently added to or reduced their stakes in MTG. Venturi Wealth Management LLC boosted its stake in MGIC Investment by 102.1% during the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock valued at $43,000 after purchasing an additional 918 shares in the last quarter. New York State Common Retirement Fund increased its stake in MGIC Investment by 25.8% in the 4th quarter. New York State Common Retirement Fund now owns 360,028 shares of the insurance provider's stock valued at $8,536,000 after buying an additional 73,837 shares during the period. Handelsbanken Fonder AB increased its holdings in MGIC Investment by 11.6% in the fourth quarter. Handelsbanken Fonder AB now owns 67,482 shares of the insurance provider's stock worth $1,600,000 after buying an additional 7,000 shares during the last quarter. NewEdge Wealth LLC boosted its holdings in MGIC Investment by 11.6% in the fourth quarter. NewEdge Wealth LLC now owns 1,837,821 shares of the insurance provider's stock worth $43,575,000 after purchasing an additional 190,450 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in MGIC Investment in the 4th quarter valued at $653,000. 95.58% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the completion of the sale, the executive vice president now owns 157,395 shares of the company's stock, valued at approximately $4,169,393.55. The trade was a 11.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.05% of the company's stock.

MGIC Investment Stock Performance

Shares of MGIC Investment stock traded up $0.12 during trading on Friday, hitting $27.72. 3,319,090 shares of the stock were exchanged, compared to its average volume of 1,836,156. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average price of $26.12 and a 200-day moving average price of $24.81. The stock has a market capitalization of $6.58 billion, a price-to-earnings ratio of 9.21, a price-to-earnings-growth ratio of 2.52 and a beta of 0.89. MGIC Investment Corporation has a 1-year low of $21.20 and a 1-year high of $28.28.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. The firm had revenue of $306.23 million for the quarter, compared to the consensus estimate of $306.66 million. During the same quarter in the previous year, the business earned $0.65 earnings per share. The business's revenue was up 4.0% compared to the same quarter last year. As a group, equities analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

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

MGIC Investment Announces Dividend

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

Analyst Ratings Changes

MTG has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods cut 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 research report on Tuesday, April 8th. Compass Point reissued a "neutral" rating and set a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $26.63.

MGIC Investment Company 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.