Impact Partnership Wealth LLC Sells 10,126 Shares of MGIC Investment Corporation (NYSE:MTG)

Impact Partnership Wealth LLC lessened its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 52.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,223 shares of the insurance provider's stock after selling 10,126 shares during the quarter. Impact Partnership Wealth LLC's holdings in MGIC Investment were worth $229,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Proficio Capital Partners LLC acquired a new stake in MGIC Investment during the fourth quarter worth $653,000. Raymond James Financial Inc. purchased a new stake in MGIC Investment during the 4th quarter worth about $1,740,000. PNC Financial Services Group Inc. increased its position in shares of MGIC Investment by 6.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider's stock worth $248,000 after purchasing an additional 608 shares in the last quarter. HighTower Advisors LLC increased its position in shares of MGIC Investment by 14.6% during the fourth quarter. HighTower Advisors LLC now owns 39,688 shares of the insurance provider's stock worth $941,000 after purchasing an additional 5,065 shares in the last quarter. Finally, Natixis Advisors LLC increased its position in MGIC Investment by 7.5% in the 4th quarter. Natixis Advisors LLC now owns 163,881 shares of the insurance provider's stock valued at $3,886,000 after acquiring an additional 11,477 shares during the period. Hedge funds and other institutional investors own 95.58% of the company's stock.

Insider Activity at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction on Friday, May 30th. The shares were 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 owned 157,395 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. 1.41% of the stock is currently owned by insiders.

MGIC Investment Price Performance

Shares of MTG traded up $0.25 during mid-day trading on Tuesday, hitting $25.74. 1,053,121 shares of the company traded hands, compared to its average volume of 1,903,397. MGIC Investment Corporation has a one year low of $21.94 and a one 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 has a 50-day moving average of $26.64 and a 200 day moving average of $25.12. The stock has a market capitalization of $6.11 billion, a price-to-earnings ratio of 8.56, a PEG ratio of 2.70 and a beta of 0.89.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) 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 net margin of 63.49% and a return on equity of 14.96%. The business's revenue for the quarter was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $0.65 earnings per share. As a group, equities analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

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

MGIC Investment Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.02%. MGIC Investment's payout ratio is 17.28%.

Analyst Ratings Changes

A number of brokerages have commented on MTG. Compass Point reiterated a "neutral" rating and set a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Keefe, Bruyette & Woods raised 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. Finally, Barclays lifted their price target on MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $26.88.

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.