Crossmark Global Holdings Inc. Buys 36,180 Shares of MGIC Investment Corporation (NYSE:MTG)

Crossmark Global Holdings Inc. boosted its position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 59.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 97,353 shares of the insurance provider's stock after buying an additional 36,180 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in MGIC Investment were worth $2,412,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC increased its position 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 valued at $53,000 after purchasing an additional 2,116 shares during the period. Physician Wealth Advisors Inc. purchased a new position in MGIC Investment during the 4th quarter valued at $54,000. EverSource Wealth Advisors LLC increased its position 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 valued at $55,000 after purchasing an additional 419 shares during the period. UMB Bank n.a. increased its position 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 purchasing an additional 1,011 shares during the period. Finally, Fifth Third Bancorp increased its position 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 purchasing an additional 461 shares during the period. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Stock Down 2.4%

MTG stock traded down $0.62 during trading on Friday, hitting $25.25. 3,982,282 shares of the stock traded hands, compared to its average volume of 1,883,971. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $28.67. The firm's 50 day moving average is $26.74 and its two-hundred day moving average is $25.05. The stock has a market cap of $5.99 billion, a price-to-earnings ratio of 8.39, a price-to-earnings-growth ratio of 2.37 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.25 and a quick ratio of 1.25.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $0.75 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 for the quarter, compared to the consensus estimate of $306.66 million. During the same period in the prior year, the firm posted $0.65 EPS. MGIC Investment's revenue for the quarter was up 4.0% on a year-over-year basis. On average, sell-side analysts anticipate that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

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

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

Wall Street Analyst Weigh In

MTG has been the topic of a number of research analyst reports. Barclays boosted their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research report on Tuesday. Keefe, Bruyette & Woods upped their target price on shares of 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, Compass Point reaffirmed a "neutral" rating and issued a $28.00 target price (up from $27.00) on shares of MGIC Investment in a research report 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 given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $26.88.

Insider Buying and Selling

In related news, EVP Paula C. Maggio sold 20,000 shares of the 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 sale, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.05% of the company's stock.

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.