Dimensional Fund Advisors LP decreased its stake in MGIC Investment Corporation (NYSE:MTG - Free Report) by 2.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,427,497 shares of the insurance provider's stock after selling 433,900 shares during the quarter. Dimensional Fund Advisors LP owned approximately 6.08% of MGIC Investment worth $357,504,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in shares of MGIC Investment by 4.8% during the 1st quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider's stock valued at $400,499,000 after buying an additional 743,212 shares in the last quarter. First Trust Advisors LP grew its position in shares of MGIC Investment by 22.4% in the fourth quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider's stock valued at $379,561,000 after purchasing an additional 2,928,595 shares during the period. LSV Asset Management raised its position in shares of MGIC Investment by 2.9% during the 1st quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider's stock worth $269,815,000 after purchasing an additional 310,095 shares during the last quarter. Northern Trust Corp boosted its holdings in MGIC Investment by 6.5% in the 4th quarter. Northern Trust Corp now owns 4,524,277 shares of the insurance provider's stock worth $107,271,000 after buying an additional 277,746 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in MGIC Investment by 292.0% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,072,629 shares of the insurance provider's stock worth $49,142,000 after buying an additional 1,543,908 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on MTG shares. Barclays boosted their price target 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. Keefe, Bruyette & Woods raised their target price on MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research note on Monday, July 7th. Finally, Compass Point restated a "neutral" rating and issued a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Five research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, MGIC Investment currently has an average rating of "Reduce" and a consensus target price of $26.67.
Read Our Latest Stock Analysis on MGIC Investment
MGIC Investment Stock Up 0.2%
MGIC Investment stock traded up $0.0650 during trading on Thursday, reaching $27.5650. The stock had a trading volume of 348,623 shares, compared to its average volume of 2,170,353. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week high of $28.67. The business has a 50 day moving average price of $26.75 and a 200 day moving average price of $25.47. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The stock has a market cap of $6.35 billion, a PE ratio of 9.04, a P/E/G ratio of 2.01 and a beta of 0.90.
MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.12. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The business had revenue of $304.25 million during the quarter, compared to the consensus estimate of $306.25 million. During the same quarter in the previous year, the firm earned $0.77 EPS. The company's revenue was down .3% compared to the same quarter last year. On average, analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current year.
MGIC Investment Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.2%. This is a positive change from MGIC Investment's previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Thursday, August 7th. MGIC Investment's dividend payout ratio is presently 19.67%.
MGIC Investment announced that its board has initiated a share repurchase plan on Thursday, April 24th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.
Insider Buying and Selling at MGIC Investment
In other news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction on Friday, August 1st. The shares were sold at an average price of $26.22, for a total value of $786,600.00. Following the transaction, the chief operating officer directly owned 249,401 shares of the company's stock, valued at $6,539,294.22. The trade was a 10.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the completion of the transaction, the chief executive officer owned 1,100,994 shares in the company, valued at approximately $29,220,380.76. This represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 189,203 shares of company stock worth $5,010,848. 1.05% of the stock is owned by insiders.
About MGIC Investment
(
Free Report)
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.
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