American Century Companies Inc. Lowers Holdings in MGIC Investment Corporation $MTG

Key Points

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American Century Companies Inc. lowered its stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 0.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,014,182 shares of the insurance provider's stock after selling 20,327 shares during the period. American Century Companies Inc. owned approximately 1.27% of MGIC Investment worth $74,691,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Cullen Frost Bankers Inc. acquired a new position in shares of MGIC Investment during the first quarter valued at about $33,000. Golden State Wealth Management LLC raised its holdings in shares of 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 valued at $53,000 after purchasing an additional 2,116 shares during the period. Headlands Technologies LLC raised its holdings in shares of MGIC Investment by 619.2% during the first quarter. Headlands Technologies LLC now owns 2,280 shares of the insurance provider's stock valued at $56,000 after purchasing an additional 1,963 shares during the period. UMB Bank n.a. raised its holdings in shares of MGIC Investment by 61.3% during the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock valued at $66,000 after purchasing an additional 1,011 shares during the period. Finally, Fifth Third Bancorp boosted its stake in MGIC Investment by 20.1% during the 1st 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. Institutional investors and hedge funds own 95.58% of the company's stock.

Wall Street Analysts Forecast Growth

MTG has been the subject of a number of recent research reports. Compass Point reissued 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. Barclays boosted their price objective on MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods boosted their price objective on MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a report on Monday, July 7th. Five investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $26.67.

Insider Activity

In other news, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the completion of the transaction, the chief executive officer directly owned 1,100,994 shares of the company's stock, valued at $29,220,380.76. This represents a 11.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $26.49, for a total transaction of $529,800.00. Following the completion of the transaction, the executive vice president directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 189,203 shares of company stock valued at $5,010,848 in the last three months. Company insiders own 1.05% of the company's stock.

MGIC Investment Stock Up 2.2%

MTG stock traded up $0.6050 during trading on Friday, reaching $28.1450. The stock had a trading volume of 1,332,893 shares, compared to its average volume of 2,062,715. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $28.67. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The company's 50 day moving average is $26.79 and its two-hundred day moving average is $25.50. The company has a market capitalization of $6.49 billion, a price-to-earnings ratio of 9.23, a P/E/G ratio of 1.99 and a beta of 0.90.

MGIC Investment (NYSE:MTG - Get Free Report) last released its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.12. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The firm had revenue of $304.25 million during the quarter, compared to the consensus estimate of $306.25 million. During the same period in the prior year, the firm earned $0.77 EPS. The company's revenue was down .3% compared to the same quarter last year. Equities research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.1%. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's payout ratio is currently 19.67%.

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.