Brown Advisory Inc. Sells 33,140 Shares of MGIC Investment Corporation (NYSE:MTG)

Brown Advisory Inc. lowered its stake in MGIC Investment Corporation (NYSE:MTG - Free Report) by 1.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,796,456 shares of the insurance provider's stock after selling 33,140 shares during the quarter. Brown Advisory Inc. owned about 0.74% of MGIC Investment worth $44,516,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in MGIC Investment by 21.9% during the 4th 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 during the period. Xponance Inc. raised its stake in MGIC Investment by 1.3% during the 4th quarter. Xponance Inc. now owns 35,320 shares of the insurance provider's stock worth $837,000 after buying an additional 442 shares during the period. Fifth Third Bancorp raised 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 worth $68,000 after buying an additional 461 shares during the period. NorthCrest Asset Manangement LLC raised its stake in MGIC Investment by 1.3% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 41,718 shares of the insurance provider's stock worth $1,034,000 after buying an additional 524 shares during the period. Finally, ProShare Advisors LLC raised its stake in MGIC Investment by 4.9% during the 4th quarter. ProShare Advisors LLC now owns 11,854 shares of the insurance provider's stock worth $281,000 after buying an additional 553 shares during the period. Institutional investors and hedge funds own 95.58% of the company's stock.

Insider Activity

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction 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 represents a 11.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.41% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MTG shares. Keefe, Bruyette & Woods upped their price target on MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research note on Monday. Barclays increased their price objective on MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Finally, Compass Point reissued a "neutral" rating and issued a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, MGIC Investment has a consensus rating of "Hold" and a consensus target price of $26.88.

MGIC Investment Stock Performance

Shares of MTG stock traded down $0.66 during trading on Wednesday, hitting $26.59. The company's stock had a trading volume of 2,858,768 shares, compared to its average volume of 1,860,614. The company has a market cap of $6.31 billion, a PE ratio of 8.83, a P/E/G ratio of 2.51 and a beta of 0.89. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. The business has a fifty day moving average of $26.71 and a 200-day moving average of $25.02. MGIC Investment Corporation has a 52 week low of $21.20 and a 52 week 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 (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.09. The company had revenue of $306.23 million during the quarter, compared to analyst estimates of $306.66 million. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. MGIC Investment's quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.65 earnings per share. As a group, research analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment declared that its Board of Directors has authorized a stock repurchase plan on Thursday, April 24th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the insurance provider to purchase up to 12.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.96%. The ex-dividend date was Thursday, May 8th. MGIC Investment's dividend payout ratio is presently 17.28%.

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.