Alps Advisors Inc. Buys 31,636 Shares of MGIC Investment Corporation (NYSE:MTG)

Alps Advisors Inc. lifted its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 7.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 440,085 shares of the insurance provider's stock after purchasing an additional 31,636 shares during the period. Alps Advisors Inc. owned 0.18% of MGIC Investment worth $10,905,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Golden State Wealth Management LLC grew its position in MGIC Investment by 7,837.0% during the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock worth $53,000 after buying an additional 2,116 shares in the last quarter. Physician Wealth Advisors Inc. acquired a new stake in MGIC Investment during the fourth quarter worth about $54,000. EverSource Wealth Advisors LLC grew its position 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 buying an additional 419 shares in the last quarter. UMB Bank n.a. grew its position in MGIC Investment by 61.3% during the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock worth $66,000 after buying an additional 1,011 shares in the last quarter. Finally, Fifth Third Bancorp grew its position 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 buying an additional 461 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Price Performance

Shares of NYSE:MTG traded up $0.26 during trading on Monday, reaching $25.52. The stock had a trading volume of 2,694,091 shares, compared to its average volume of 2,185,288. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $28.67. The business's 50-day moving average price is $26.74 and its 200 day moving average price is $25.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a market capitalization of $6.06 billion, a PE ratio of 8.48, a P/E/G ratio of 2.31 and a beta of 0.89.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.09. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The company had revenue of $306.23 million during the quarter, compared to analysts' expectations of $306.66 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. MGIC Investment's quarterly 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 earnings per share for the current year.

MGIC Investment declared that its board has authorized a stock repurchase program on Thursday, April 24th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to buy up to 12.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's dividend payout ratio (DPR) is currently 17.28%.

Insider Activity

In other news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment 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 completion of the transaction, the executive vice president owned 157,395 shares in the company, valued at approximately $4,169,393.55. The trade was a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.05% of the company's stock.

Analysts Set New Price Targets

MTG has been the topic of a number of recent research reports. Barclays lifted their target price on MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Compass Point reaffirmed a "neutral" rating and set a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Finally, Keefe, Bruyette & Woods lifted their price objective on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a report on Monday, July 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $26.88.

About MGIC Investment

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.