Brown Advisory Inc. Decreases Stake in MGIC Investment Corporation (NYSE:MTG)

Brown Advisory Inc. reduced its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 1.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 0.74% of MGIC Investment worth $44,516,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. KBC Group NV increased its position in shares of MGIC Investment by 10.2% during the first quarter. KBC Group NV now owns 11,417 shares of the insurance provider's stock worth $283,000 after acquiring an additional 1,060 shares during the period. GAMMA Investing LLC increased its position in shares of MGIC Investment by 39.1% during the first quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider's stock worth $150,000 after acquiring an additional 1,705 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of MGIC Investment by 50.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider's stock worth $406,000 after acquiring an additional 5,393 shares during the period. Golden State Wealth Management LLC increased its position 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 worth $53,000 after acquiring an additional 2,116 shares during the period. Finally, Wells Fargo & Company MN increased its position in shares of MGIC Investment by 14.8% during the fourth quarter. Wells Fargo & Company MN now owns 90,987 shares of the insurance provider's stock worth $2,157,000 after acquiring an additional 11,721 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Barclays raised their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Keefe, Bruyette & Woods increased their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research note on Monday, July 7th. Finally, Compass Point reiterated a "neutral" rating and set 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 assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, MGIC Investment presently has an average rating of "Hold" and a consensus price target of $26.88.

Insiders Place Their Bets

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm's 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 sale, the executive vice president directly owned 157,395 shares in the company, valued at $4,169,393.55. This trade represents a 11.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.05% of the stock is currently owned by company insiders.

MGIC Investment Stock Down 2.4%

MTG traded down $0.62 during trading on Friday, hitting $25.25. The stock had a trading volume of 3,982,282 shares, compared to its average volume of 1,885,100. The company has a market capitalization of $5.99 billion, a PE ratio of 8.39, a PEG ratio of 2.31 and a beta of 0.89. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $28.67. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.25 and a current ratio of 1.25. The stock has a 50 day simple moving average of $26.74 and a two-hundred day simple moving average of $25.06.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its earnings results 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 company had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. MGIC Investment's revenue was up 4.0% compared to the same quarter last year. During the same period last year, the firm earned $0.65 earnings per share. On average, research analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th were paid a $0.13 dividend. The ex-dividend date was Thursday, May 8th. This represents a $0.52 annualized dividend and a yield of 2.06%. MGIC Investment's dividend payout ratio (DPR) is 17.28%.

MGIC Investment declared that its board has initiated a share buyback 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 shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

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.