MGIC Investment Co. (NYSE:MTG) Shares Sold by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. lowered its stake in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 71.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,399 shares of the insurance provider's stock after selling 72,572 shares during the quarter. D. E. Shaw & Co. Inc.'s holdings in MGIC Investment were worth $673,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. First Trust Advisors LP raised its stake in MGIC Investment by 22.4% during the 4th quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider's stock worth $379,561,000 after acquiring an additional 2,928,595 shares in the last quarter. LSV Asset Management increased its position in shares of MGIC Investment by 2.3% during the fourth quarter. LSV Asset Management now owns 10,578,342 shares of the insurance provider's stock worth $250,812,000 after purchasing an additional 235,916 shares in the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of MGIC Investment by 8.2% in the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider's stock valued at $130,289,000 after purchasing an additional 415,586 shares during the last quarter. Invesco Ltd. boosted its position in shares of MGIC Investment by 16.6% in the 4th quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider's stock valued at $113,006,000 after purchasing an additional 677,227 shares during the period. Finally, Northern Trust Corp boosted its position in shares of MGIC Investment by 6.5% in the 4th quarter. Northern Trust Corp now owns 4,524,277 shares of the insurance provider's stock valued at $107,271,000 after purchasing an additional 277,746 shares during the period. Hedge funds and other institutional investors own 95.58% of the company's stock.

MGIC Investment Price Performance

MTG traded up $0.08 on Thursday, hitting $26.51. 1,259,441 shares of the company were exchanged, compared to its average volume of 1,800,298. The business's fifty day moving average is $25.01 and its 200 day moving average is $24.62. The firm has a market capitalization of $6.30 billion, a P/E ratio of 9.14 and a beta of 0.91. MGIC Investment Co. has a fifty-two week low of $20.35 and a fifty-two week high of $26.92. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.09. The business had revenue of $306.23 million for the quarter, compared to analyst estimates of $306.66 million. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. The business's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.65 earnings per share. As a group, sell-side analysts anticipate that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 1.96%. MGIC Investment's dividend payout ratio (DPR) is presently 17.28%.

MGIC Investment announced that its board has approved a share repurchase program on Thursday, April 24th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the insurance provider to purchase up to 12.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MTG. Keefe, Bruyette & Woods reduced their price objective on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a research note on Tuesday, April 8th. Compass Point reiterated 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. Barclays increased their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Finally, UBS Group upped their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, MGIC Investment has an average rating of "Hold" and a consensus target price of $26.63.

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.