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

Crossmark Global Holdings Inc. boosted its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 59.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 97,353 shares of the insurance provider's stock after purchasing an additional 36,180 shares during the period. Crossmark Global Holdings Inc.'s holdings in MGIC Investment were worth $2,412,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MTG. US Bancorp DE raised its position in shares of MGIC Investment by 6.2% during the 4th quarter. US Bancorp DE now owns 10,249 shares of the insurance provider's stock worth $243,000 after purchasing an additional 600 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of MGIC Investment in the 4th quarter worth $653,000. Raymond James Financial Inc. acquired a new position in shares of MGIC Investment in the 4th quarter worth $1,740,000. PNC Financial Services Group Inc. grew its holdings in shares of MGIC Investment by 6.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider's stock worth $248,000 after acquiring an additional 608 shares during the last quarter. Finally, Amundi acquired a new position in MGIC Investment during the fourth quarter valued at $8,914,000. Hedge funds and other institutional investors own 95.58% of the company's stock.

Insider Buying and Selling

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 157,395 shares of the company's stock, valued at $4,169,393.55. This represents a 11.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.05% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their price objective 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 boosted 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. Finally, Compass Point reaffirmed a "neutral" rating and issued a $28.00 price target (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. 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 stock. According to data from MarketBeat.com, MGIC Investment presently has an average rating of "Hold" and a consensus target price of $26.88.

MGIC Investment Stock Down 2.4%

Shares of NYSE:MTG traded down $0.62 on Friday, reaching $25.25. The company had a trading volume of 3,982,282 shares, compared to its average volume of 1,885,100. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $28.67. The stock has a 50-day moving average price of $26.74 and a 200 day moving average price of $25.06. The stock has a market capitalization of $5.99 billion, a P/E ratio of 8.39, a P/E/G ratio of 2.31 and a beta of 0.89. 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 posted its quarterly earnings data 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. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. The business had revenue of $306.23 million during the quarter, compared to analysts' expectations of $306.66 million. During the same quarter in the previous year, the firm earned $0.65 EPS. The firm's revenue was up 4.0% compared to the same quarter last year. On average, equities analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current year.

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

MGIC Investment Dividend Announcement

The company also recently declared 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 (DPR) is 17.28%.

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.