Allianz Asset Management GmbH Sells 1,654,729 Shares of MGIC Investment Corporation (NYSE:MTG)

Allianz Asset Management GmbH cut its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 30.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,840,386 shares of the insurance provider's stock after selling 1,654,729 shares during the quarter. Allianz Asset Management GmbH owned about 1.58% of MGIC Investment worth $95,165,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Lindbrook Capital LLC raised its position in shares of MGIC Investment by 2,387.7% during the 1st quarter. Lindbrook Capital LLC now owns 7,065 shares of the insurance provider's stock worth $175,000 after buying an additional 6,781 shares in the last quarter. Csenge Advisory Group raised its position in shares of MGIC Investment by 9.2% during the 1st quarter. Csenge Advisory Group now owns 88,719 shares of the insurance provider's stock worth $2,132,000 after buying an additional 7,459 shares in the last quarter. Private Advisor Group LLC bought a new stake in shares of MGIC Investment during the 1st quarter worth about $238,000. Burns Matteson Capital Management LLC bought a new stake in shares of MGIC Investment during the 1st quarter worth about $488,000. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of MGIC Investment during the 1st quarter worth about $33,000. 95.58% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Paula C. Maggio sold 20,000 shares of the business's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the transaction, the executive vice president directly owned 157,395 shares of the company's stock, valued at approximately $4,169,393.55. The trade was a 11.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.05% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MTG. Barclays lifted their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Compass Point reaffirmed a "neutral" rating and issued a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research note on Monday, July 7th. One 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 MarketBeat.com, MGIC Investment presently has a consensus rating of "Hold" and a consensus target price of $26.88.

MGIC Investment Trading Down 0.4%

Shares of MGIC Investment stock traded down $0.10 during trading on Thursday, hitting $25.65. The stock had a trading volume of 907,588 shares, compared to its average volume of 2,186,296. The stock has a 50 day simple moving average of $26.60 and a 200 day simple moving average of $25.14. The company has a market capitalization of $6.09 billion, a PE ratio of 8.53, a P/E/G ratio of 2.76 and a beta of 0.89. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $28.67.

MGIC Investment (NYSE:MTG - Get Free Report) last released 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. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The business had revenue of $306.23 million for the quarter, compared to the consensus estimate of $306.66 million. During the same period last year, the firm posted $0.65 earnings per share. The firm's quarterly revenue was up 4.0% compared to the same quarter last year. On average, research analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment announced that its Board of Directors has authorized a share buyback program 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 stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

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.