Focus Partners Wealth Makes New Investment in MGIC Investment Co. (NYSE:MTG)

Focus Partners Wealth purchased a new stake in shares of MGIC Investment Co. (NYSE:MTG - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 10,610 shares of the insurance provider's stock, valued at approximately $254,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new position in shares of MGIC Investment in the fourth quarter worth about $85,908,000. First Trust Advisors LP increased its position in MGIC Investment by 22.4% in the 4th quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider's stock worth $379,561,000 after buying an additional 2,928,595 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of MGIC Investment by 292.0% during the fourth 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 during the last quarter. BNP Paribas Financial Markets boosted its position in shares of MGIC Investment by 259.4% in the fourth quarter. BNP Paribas Financial Markets now owns 1,105,399 shares of the insurance provider's stock valued at $26,209,000 after acquiring an additional 797,852 shares during the period. Finally, Invesco Ltd. increased its position in MGIC Investment by 16.6% during the fourth quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider's stock worth $113,006,000 after acquiring an additional 677,227 shares during the period. Institutional investors and hedge funds own 95.58% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Barclays increased their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. UBS Group lifted their target price on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Compass Point reiterated a "neutral" rating and issued a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Finally, Keefe, Bruyette & Woods decreased their price objective on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $26.63.

MGIC Investment Price Performance

Shares of MTG stock traded up $0.01 during trading hours on Wednesday, hitting $26.63. The company had a trading volume of 153,703 shares, compared to its average volume of 1,792,807. MGIC Investment Co. has a 12 month low of $20.11 and a 12 month 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. The firm's fifty day moving average is $24.91 and its 200 day moving average is $24.60. The firm has a market capitalization of $6.32 billion, a price-to-earnings ratio of 9.18 and a beta of 0.91.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.09. The firm had revenue of $306.23 million for the quarter, compared to analysts' expectations 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 was up 4.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.65 earnings per share. On average, sell-side analysts predict that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Thursday, May 8th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's dividend payout ratio is currently 17.28%.

MGIC Investment declared that its board has initiated a share 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 reacquire up to 12.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

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.