MGIC Investment Corporation (NYSE:MTG) Holdings Lifted by Cerity Partners LLC

Cerity Partners LLC boosted its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 59.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 78,307 shares of the insurance provider's stock after buying an additional 29,104 shares during the quarter. Cerity Partners LLC's holdings in MGIC Investment were worth $1,940,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MTG. Golden State Wealth Management LLC grew its holdings in MGIC Investment by 7,837.0% during the 1st 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. Physician Wealth Advisors Inc. purchased a new stake in shares of MGIC Investment during the 4th quarter worth approximately $54,000. UMB Bank n.a. raised its holdings in MGIC Investment by 61.3% during the 1st quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock valued at $66,000 after acquiring an additional 1,011 shares during the period. Fifth Third Bancorp raised its holdings in MGIC Investment by 20.1% during the 1st quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock valued at $68,000 after acquiring an additional 461 shares during the period. Finally, Versant Capital Management Inc grew its position in shares of MGIC Investment by 262.0% during the 1st quarter. Versant Capital Management Inc now owns 4,811 shares of the insurance provider's stock valued at $119,000 after purchasing an additional 3,482 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

MGIC Investment Trading Down 0.3%

MTG stock traded down $0.07 during mid-day trading on Thursday, hitting $25.68. 355,238 shares of the company were exchanged, compared to its average volume of 2,182,429. The business has a fifty day simple moving average of $26.60 and a 200-day simple moving average of $25.14. The firm has a market capitalization of $6.10 billion, a P/E ratio of 8.53, a PEG ratio of 2.76 and a beta of 0.89. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $28.67. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.09. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The business had revenue of $306.23 million for the quarter, compared to analysts' expectations of $306.66 million. During the same period in the previous year, the company posted $0.65 EPS. The company's quarterly revenue was up 4.0% on a year-over-year basis. On average, equities research analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment announced that its board has initiated a stock buyback plan on Thursday, April 24th that permits the company to buyback $750.00 million in outstanding 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 often an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MTG. Barclays upped 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, July 8th. Compass Point restated a "neutral" rating and issued a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Finally, Keefe, Bruyette & Woods increased their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a report on Monday, July 7th. One 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. According to MarketBeat, MGIC Investment currently has a consensus rating of "Hold" and a consensus target price of $26.88.

Insiders Place Their Bets

In other news, EVP Paula C. Maggio sold 20,000 shares of the business's stock in a transaction dated 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 sale, the executive vice president owned 157,395 shares in the company, valued at approximately $4,169,393.55. The trade was a 11.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.05% of the company's stock.

MGIC Investment 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.