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

Burns Matteson Capital Management LLC bought a new stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 19,681 shares of the insurance provider's stock, valued at approximately $488,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MTG. Cullen Frost Bankers Inc. purchased a new stake in shares of MGIC Investment during the 1st quarter valued at about $33,000. Larson Financial Group LLC lifted its position in shares of 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 acquiring an additional 5,875 shares during the period. Signaturefd LLC raised its holdings in shares of 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 in the last quarter. Edgestream Partners L.P. boosted its holdings in shares of MGIC Investment by 121.5% in the 1st quarter. Edgestream Partners L.P. now owns 218,829 shares of the insurance provider's stock worth $5,423,000 after acquiring an additional 120,055 shares in the last quarter. Finally, MQS Management LLC acquired a new stake in MGIC Investment in the 1st quarter valued at about $594,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on MTG shares. Keefe, Bruyette & Woods increased their price target on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research report on Monday, July 7th. Barclays increased their price objective 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, July 8th. Finally, Compass Point reiterated a "neutral" rating and issued a $28.00 target price (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's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $26.88.

Insider Activity

In related news, EVP Paula C. Maggio sold 20,000 shares of the business's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the transaction, the executive vice president owned 157,395 shares in the company, valued at $4,169,393.55. The trade was a 11.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.41% of the company's stock.

MGIC Investment Price Performance

Shares of NYSE MTG traded down $0.11 during mid-day trading on Friday, reaching $25.20. The company had a trading volume of 1,866,800 shares, compared to its average volume of 1,905,817. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $28.67. The company has a 50-day moving average price of $26.64 and a two-hundred day moving average price of $25.11. The stock has a market cap of $5.98 billion, a PE ratio of 8.37, a P/E/G ratio of 2.70 and a beta of 0.89.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly 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. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The company had revenue of $306.23 million during the quarter, compared to analyst estimates of $306.66 million. During the same quarter in the previous year, the business earned $0.65 EPS. The firm's revenue was up 4.0% on a year-over-year basis. On average, equities analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's payout ratio is 17.28%.

MGIC Investment announced that its board has approved a share 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 typically a sign that the company's leadership believes its shares are undervalued.

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.