MGIC Investment Corporation (NYSE:MTG) Shares Purchased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in MGIC Investment Corporation by 20.7%, acquiring an additional 92,824 shares to reach a total of 542,207 shares worth approximately $13.4 million.
• The company announced a quarterly dividend of $0.15 per share, up from the previous $0.13, indicating a strong financial position with a 2.36% yield.
• MGIC Investment Corporation's recent earnings report showed an EPS of $0.82, exceeding expectations and reflecting a 14.96% return on equity despite a slight decrease in revenue year-over-year.

Mackenzie Financial Corp grew its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 20.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 542,207 shares of the insurance provider's stock after acquiring an additional 92,824 shares during the quarter. Mackenzie Financial Corp owned about 0.23% of MGIC Investment worth $13,436,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cullen Frost Bankers Inc. purchased a new position in shares of MGIC Investment in the first quarter valued at approximately $33,000. Golden State Wealth Management LLC lifted its position in shares of MGIC Investment by 7,837.0% in the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock valued at $53,000 after acquiring an additional 2,116 shares in the last quarter. UMB Bank n.a. lifted its position in shares of MGIC Investment by 61.3% in the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock valued at $66,000 after acquiring an additional 1,011 shares in the last quarter. Fifth Third Bancorp lifted its position 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 valued at $68,000 after acquiring an additional 461 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of MGIC Investment by 262.0% in the first quarter. Versant Capital Management Inc now owns 4,811 shares of the insurance provider's stock valued at $119,000 after acquiring an additional 3,482 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company's stock.

Insider Transactions at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment 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 completion of the sale, the executive vice president directly owned 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.05% of the stock is currently owned by company insiders.

MGIC Investment Trading Up 1.4%

MTG stock traded up $0.37 during midday trading on Friday, hitting $26.27. 2,466,146 shares of the company's stock were exchanged, compared to its average volume of 2,199,167. The business has a 50-day simple moving average of $26.50 and a two-hundred day simple moving average of $25.24. 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 stock has a market capitalization of $6.24 billion, a PE ratio of 8.61, a P/E/G ratio of 2.72 and a beta of 0.89. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $28.67.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.12. The company had revenue of $304.25 million during the quarter, compared to analysts' expectations of $306.25 million. MGIC Investment had a return on equity of 14.69% and a net margin of 62.58%. The firm's quarterly revenue was down .3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.77 earnings per share. On average, sell-side analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment announced that its Board of Directors has authorized a share buyback plan on Thursday, April 24th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to purchase up to 12.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

MGIC Investment Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.3%. 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 payout ratio is 17.28%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MTG shares. 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 report on Monday, July 7th. Compass Point reiterated a "neutral" rating and set a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Finally, Barclays lifted their price objective on MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. One equities 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 stock. According to data from MarketBeat, MGIC Investment currently has an average rating of "Hold" and an average target price 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.