Leeward Investments LLC MA Sells 28,836 Shares of MGIC Investment Corporation (NYSE:MTG)

Leeward Investments LLC MA reduced its stake in MGIC Investment Corporation (NYSE:MTG - Free Report) by 4.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 618,972 shares of the insurance provider's stock after selling 28,836 shares during the quarter. Leeward Investments LLC MA owned 0.26% of MGIC Investment worth $15,338,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Golden State Wealth Management LLC boosted its holdings in shares of MGIC Investment by 7,837.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock worth $53,000 after buying an additional 2,116 shares during the last quarter. Physician Wealth Advisors Inc. purchased a new position in shares of MGIC Investment in the 4th quarter worth about $54,000. EverSource Wealth Advisors LLC boosted its holdings in shares of MGIC Investment by 21.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock worth $55,000 after buying an additional 419 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of MGIC Investment by 61.3% in the 1st quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock worth $66,000 after buying an additional 1,011 shares during the last quarter. Finally, Fifth Third Bancorp boosted its holdings 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 worth $68,000 after buying an additional 461 shares during the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Price Performance

Shares of MTG traded up $0.61 during midday trading on Friday, hitting $28.52. 3,959,385 shares of the company traded hands, compared to its average volume of 1,853,653. The stock has a 50-day moving average of $26.60 and a 200-day moving average of $24.95. MGIC Investment Corporation has a one year low of $21.20 and a one year high of $28.67. The firm has a market cap of $6.77 billion, a P/E ratio of 9.48, a PEG ratio of 2.61 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.25 and a quick ratio of 1.25.

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 the consensus estimate of $0.66 by $0.09. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. The firm had revenue of $306.23 million for the quarter, compared to analysts' expectations of $306.66 million. During the same period in the prior year, the business posted $0.65 earnings per share. The company's revenue was up 4.0% on a year-over-year basis. As a group, sell-side analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently declared 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 1.82%. The ex-dividend date was Thursday, May 8th. MGIC Investment's dividend payout ratio is presently 17.28%.

MGIC Investment declared that its board has authorized a stock buyback program on Thursday, April 24th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase up to 12.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have commented on MTG. Keefe, Bruyette & Woods dropped their price objective on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a report on Tuesday, April 8th. Compass Point reaffirmed a "neutral" rating and set a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, MGIC Investment currently has a consensus rating of "Hold" and an average target price of $26.63.

Insider Buying and Selling at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.05% of the stock is currently owned by corporate insiders.

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.