MGIC Investment Corporation (NYSE:MTG) Shares Sold by Impact Partnership Wealth LLC

Impact Partnership Wealth LLC lowered its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 52.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund 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 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. purchased a new stake in MGIC Investment in the 1st quarter valued at approximately $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 valued at $53,000 after purchasing an additional 2,116 shares during the last quarter. Physician Wealth Advisors Inc. bought a new position in shares of MGIC Investment in the fourth quarter worth $54,000. UMB Bank n.a. boosted its position in shares of MGIC Investment by 61.3% during the 1st quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock valued at $66,000 after purchasing an additional 1,011 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of MGIC Investment by 20.1% in the 1st quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock valued at $68,000 after purchasing an additional 461 shares during the period. Hedge funds and other institutional investors own 95.58% of the company's stock.

Analyst Ratings Changes

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

Insider Transactions at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the completion of the transaction, the executive vice president owned 157,395 shares in the company, valued at approximately $4,169,393.55. This represents a 11.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.41% of the company's stock.

MGIC Investment Stock Performance

MTG traded up $0.06 on Wednesday, hitting $25.78. The company's stock had a trading volume of 440,136 shares, compared to its average volume of 1,905,689. The firm has a market cap of $6.12 billion, a P/E ratio of 8.56, a price-to-earnings-growth ratio of 2.74 and a beta of 0.89. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.13. The company's 50 day simple moving average is $26.64 and its 200-day simple moving average is $25.12. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $28.67.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.09. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. The company had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. During the same quarter in the prior year, the company earned $0.65 earnings per share. The firm's revenue for the quarter was up 4.0% on a year-over-year basis. Analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th were paid 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 dividend payout ratio is currently 17.28%.

MGIC Investment announced that its board has approved a stock repurchase plan 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 plans are generally an indication that the company's board 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.