Edgestream Partners L.P. Has $5.42 Million Position in MGIC Investment Corporation (NYSE:MTG)

Edgestream Partners L.P. raised its stake in MGIC Investment Corporation (NYSE:MTG - Free Report) by 121.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 218,829 shares of the insurance provider's stock after buying an additional 120,055 shares during the quarter. Edgestream Partners L.P. owned 0.09% of MGIC Investment worth $5,423,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC lifted its stake in MGIC Investment by 7,837.0% in the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock valued at $53,000 after buying an additional 2,116 shares during the period. Physician Wealth Advisors Inc. acquired a new position in MGIC Investment in the fourth quarter valued at about $54,000. EverSource Wealth Advisors LLC lifted its stake in MGIC Investment by 21.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock valued at $55,000 after buying an additional 419 shares during the period. UMB Bank n.a. lifted its stake in MGIC Investment by 61.3% in the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock valued at $66,000 after buying an additional 1,011 shares during the period. Finally, Fifth Third Bancorp lifted its stake in MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock valued at $68,000 after buying an additional 461 shares during the period. Institutional investors and hedge funds own 95.58% of the company's stock.

MGIC Investment Trading Up 0.2%

Shares of MGIC Investment stock traded up $0.05 during trading hours on Wednesday, hitting $25.11. The company's stock had a trading volume of 3,060,941 shares, compared to its average volume of 1,897,391. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $28.67. The stock has a 50 day moving average of $26.68 and a 200 day moving average of $25.08. The company has a market capitalization of $5.96 billion, a PE ratio of 8.34, a price-to-earnings-growth ratio of 2.29 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 posted its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. The business had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. MGIC Investment's quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the company earned $0.65 earnings per share. Analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment declared that its Board of Directors has approved a stock buyback program on Thursday, April 24th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to repurchase up to 12.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

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 paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a yield of 2.07%. MGIC Investment's dividend payout ratio is 17.28%.

Insiders Place Their Bets

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm'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 directly owned 157,395 shares in the company, valued at $4,169,393.55. This trade represents a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.05% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods increased their target price on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research note on Monday, July 7th. Compass Point restated a "neutral" rating and issued a $28.00 price target (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Finally, Barclays increased their price target on MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $26.88.

MGIC Investment Company 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.