Allianz Asset Management GmbH Has $95.17 Million Stake in MGIC Investment Corporation (NYSE:MTG)

Allianz Asset Management GmbH lessened its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 30.1% during the first quarter, according to the company in its most recent Form 13F 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 approximately 1.58% of MGIC Investment worth $95,165,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Signaturefd LLC grew its position in shares of MGIC Investment by 1.9% in the first quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider's stock valued at $548,000 after purchasing an additional 421 shares during the last quarter. Xponance Inc. grew its position in shares of MGIC Investment by 1.3% in 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 during the last quarter. Fifth Third Bancorp grew its position in shares of MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock valued at $68,000 after purchasing an additional 461 shares during the last quarter. NorthCrest Asset Manangement LLC grew its position in shares of MGIC Investment by 1.3% in the first quarter. NorthCrest Asset Manangement LLC now owns 41,718 shares of the insurance provider's stock valued at $1,034,000 after purchasing an additional 524 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in shares of MGIC Investment by 4.9% in the fourth quarter. ProShare Advisors LLC now owns 11,854 shares of the insurance provider's stock valued at $281,000 after purchasing an additional 553 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Compass Point reaffirmed a "neutral" rating and issued a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Barclays upped their target price on MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods increased their price target on MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research report 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 company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $26.88.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $26.49, for a total value of $529,800.00. Following the sale, the executive vice president owned 157,395 shares of the company's stock, valued at approximately $4,169,393.55. This trade represents a 11.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.05% of the company's stock.

MGIC Investment Price Performance

NYSE:MTG traded up $0.08 during trading hours on Friday, reaching $25.64. 381,823 shares of the company were exchanged, compared to its average volume of 2,179,672. The business has a 50 day moving average of $26.58 and a 200 day moving average of $25.16. The company has a market capitalization of $6.09 billion, a P/E ratio of 8.52, a P/E/G ratio of 2.76 and a beta of 0.89. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $28.67. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.25 and a quick ratio of 1.25.

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, beating analysts' consensus estimates of $0.66 by $0.09. The firm 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 14.96% and a net margin of 63.49%. The company's revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 EPS. Research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment announced that its Board of Directors has authorized a share buyback 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 buy up to 12.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is 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.