Bank of America Corp DE Trims Stock Position in MGIC Investment Co. (NYSE:MTG)

Bank of America Corp DE cut its holdings in MGIC Investment Co. (NYSE:MTG - Free Report) by 44.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 841,941 shares of the insurance provider's stock after selling 679,954 shares during the period. Bank of America Corp DE owned 0.33% of MGIC Investment worth $19,962,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. UMB Bank n.a. raised its holdings in MGIC Investment by 131.9% in the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock valued at $39,000 after buying an additional 938 shares during the period. Venturi Wealth Management LLC raised its position in MGIC Investment by 102.1% in the fourth 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 during the period. V Square Quantitative Management LLC lifted its stake in MGIC Investment by 61.9% during the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock worth $49,000 after purchasing an additional 794 shares in the last quarter. Physician Wealth Advisors Inc. purchased a new position in shares of MGIC Investment during the fourth quarter worth $54,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of MGIC Investment by 21.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock valued at $55,000 after buying an additional 419 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the business's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $24.55, for a total value of $112,930.00. Following the transaction, the chief accounting officer now directly owns 75,070 shares of the company's stock, valued at approximately $1,842,968.50. The trade was a 5.77% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.05% of the company's stock.

MGIC Investment Trading Down 0.8%

NYSE MTG opened at $26.69 on Tuesday. The firm's fifty day moving average price is $24.54 and its 200 day moving average price is $24.52. MGIC Investment Co. has a 12 month low of $20.11 and a 12 month high of $26.92. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. The company has a market capitalization of $6.34 billion, a price-to-earnings ratio of 9.20 and a beta of 0.91.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.09. The business had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. The company's revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.65 earnings per share. On average, sell-side analysts expect that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment announced that its Board of Directors has authorized a stock buyback 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 typically an indication that the company's leadership believes its shares are undervalued.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 21st. Investors of record on Thursday, May 8th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Thursday, May 8th. MGIC Investment's dividend payout ratio is currently 17.28%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Barclays lifted their target price on MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Compass Point reaffirmed a "neutral" rating and issued a $27.00 price target (up previously from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. UBS Group raised their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods dropped their target price on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $26.50.

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.

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