GAMMA Investing LLC Increases Holdings in MGIC Investment Co. (NYSE:MTG)

GAMMA Investing LLC increased its stake in MGIC Investment Co. (NYSE:MTG - Free Report) by 3,346.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 150,365 shares of the insurance provider's stock after acquiring an additional 146,002 shares during the period. GAMMA Investing LLC owned approximately 0.06% of MGIC Investment worth $3,726,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MTG. Versant Capital Management Inc raised its position in MGIC Investment by 262.0% during the 1st quarter. Versant Capital Management Inc now owns 4,811 shares of the insurance provider's stock worth $119,000 after buying an additional 3,482 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in MGIC Investment by 0.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,618,145 shares of the insurance provider's stock worth $38,366,000 after purchasing an additional 7,217 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in MGIC Investment during the fourth quarter valued at about $9,948,000. Peak Retirement Planning Inc. purchased a new stake in MGIC Investment during the fourth quarter worth approximately $512,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of MGIC Investment by 3.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,206,491 shares of the insurance provider's stock valued at $28,606,000 after buying an additional 45,448 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company's stock.

MGIC Investment Stock Performance

Shares of MGIC Investment stock traded up $0.34 during trading on Thursday, hitting $26.88. 1,614,338 shares of the stock were exchanged, compared to its average volume of 1,795,917. MGIC Investment Co. has a 1-year low of $20.35 and a 1-year high of $27.11. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $6.38 billion, a price-to-earnings ratio of 9.27 and a beta of 0.89. The company has a fifty day moving average price of $25.32 and a 200-day moving average price of $24.71.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. The company 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%. MGIC Investment's revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the business earned $0.65 earnings per share. As a group, equities analysts predict that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment announced that its board has authorized a share buyback plan on Thursday, April 24th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 12.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Thursday, May 8th. MGIC Investment's dividend payout ratio (DPR) is 17.28%.

Insiders Place Their Bets

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the business'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 transaction, the executive vice president now owns 157,395 shares of the company's stock, valued at approximately $4,169,393.55. The trade was 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 accessible through this link. Corporate insiders own 1.41% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on MTG. Compass Point reissued 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. Keefe, Bruyette & Woods cut their price target on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a report on Tuesday, April 8th. Finally, UBS Group raised their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, MGIC Investment currently has a consensus rating of "Hold" and a consensus price target of $26.63.

About MGIC Investment

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.