Foster & Motley Inc. Increases Holdings in MGIC Investment Corporation (NYSE:MTG)

Foster & Motley Inc. lifted its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 12.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 264,836 shares of the insurance provider's stock after acquiring an additional 29,001 shares during the period. Foster & Motley Inc. owned approximately 0.11% of MGIC Investment worth $6,563,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Cullen Frost Bankers Inc. acquired a new stake in MGIC Investment during the 1st quarter valued at $33,000. Golden State Wealth Management LLC grew its holdings in shares of MGIC Investment by 7,837.0% during the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock worth $53,000 after purchasing an additional 2,116 shares during the last quarter. Physician Wealth Advisors Inc. bought a new stake in shares of MGIC Investment during the fourth quarter worth about $54,000. UMB Bank n.a. grew its holdings in shares of MGIC Investment by 61.3% during the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock worth $66,000 after purchasing an additional 1,011 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in shares of MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after acquiring an additional 461 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Price Performance

Shares of NYSE:MTG traded down $0.29 during mid-day trading on Wednesday, reaching $25.39. The stock had a trading volume of 2,085,826 shares, compared to its average volume of 2,404,814. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $28.67. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. The business's 50 day moving average price is $26.51 and its 200 day moving average price is $25.22. The company has a market cap of $6.03 billion, a P/E ratio of 8.44, a price-to-earnings-growth ratio of 2.76 and a beta of 0.89.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.12. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. The company's revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.77 earnings per share. Research analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

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

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 7th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.36%. 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 17.28%.

Insider Buying and Selling

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction 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 sale, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.05% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MTG. Keefe, Bruyette & Woods boosted their price target 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. Barclays upped their price objective on MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Compass Point restated a "neutral" rating and issued a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target 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.