19,681 Shares in MGIC Investment Corporation (NYSE:MTG) Bought by Burns Matteson Capital Management LLC

Burns Matteson Capital Management LLC acquired a new stake in MGIC Investment Corporation (NYSE:MTG - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 19,681 shares of the insurance provider's stock, valued at approximately $488,000.

Other hedge funds have also made changes to their positions in the company. Cullen Frost Bankers Inc. acquired a new position in MGIC Investment during the first quarter worth about $33,000. Larson Financial Group LLC increased its position in MGIC Investment by 5.0% in the 1st quarter. Larson Financial Group LLC now owns 122,419 shares of the insurance provider's stock worth $3,034,000 after buying an additional 5,875 shares during the period. Signaturefd LLC increased its position in MGIC Investment by 1.9% in the 1st quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider's stock worth $548,000 after buying an additional 421 shares during the period. Edgestream Partners L.P. increased its position in shares of MGIC Investment by 121.5% during the first quarter. Edgestream Partners L.P. now owns 218,829 shares of the insurance provider's stock valued at $5,423,000 after purchasing an additional 120,055 shares during the period. Finally, MQS Management LLC bought a new stake in MGIC Investment in the first quarter valued at $594,000. Institutional investors and hedge funds own 95.58% of the company's stock.

Insiders Place Their Bets

In other news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction on Friday, May 30th. The stock was sold at an average price of $26.49, for a total value of $529,800.00. Following the transaction, the executive vice president owned 157,395 shares in the company, valued at approximately $4,169,393.55. This trade represents a 11.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.05% of the stock is owned by corporate insiders.

MGIC Investment Stock Performance

NYSE:MTG traded up $0.19 during mid-day trading on Thursday, hitting $25.30. 2,532,323 shares of the stock were exchanged, compared to its average volume of 1,901,159. The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of 8.40, a price-to-earnings-growth ratio of 2.30 and a beta of 0.89. The firm's 50-day simple moving average is $26.68 and its 200 day simple moving average is $25.08. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.25 and a current ratio of 1.25. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $28.67.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.09. The business had revenue of $306.23 million during the quarter, compared to analysts' expectations of $306.66 million. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. The firm's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the firm posted $0.65 EPS. As a group, equities analysts anticipate that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment declared that its Board of Directors has initiated a stock buyback plan on Thursday, April 24th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the insurance provider to buy up to 12.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th were issued 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 is presently 17.28%.

Analysts Set New Price Targets

Several analysts have recently commented on MTG shares. Compass Point restated a "neutral" rating and set a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Keefe, Bruyette & Woods raised their price target on MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research report on Monday, July 7th. Finally, Barclays raised their price target 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $26.88.

MGIC Investment Company 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.