MGIC Investment Co. (NYSE:MTG) Shares Sold by Man Group plc

Man Group plc trimmed its stake in MGIC Investment Co. (NYSE:MTG - Free Report) by 55.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 79,845 shares of the insurance provider's stock after selling 98,321 shares during the quarter. Man Group plc's holdings in MGIC Investment were worth $1,893,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its position in shares of MGIC Investment by 21.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock worth $55,000 after acquiring an additional 419 shares in the last quarter. Xponance Inc. grew its holdings in MGIC Investment by 1.3% during the 4th quarter. Xponance Inc. now owns 35,320 shares of the insurance provider's stock valued at $837,000 after purchasing an additional 442 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its holdings in MGIC Investment by 1.6% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider's stock worth $897,000 after acquiring an additional 579 shares in the last quarter. US Bancorp DE grew its holdings in MGIC Investment by 6.2% during the 4th quarter. US Bancorp DE now owns 10,249 shares of the insurance provider's stock worth $243,000 after acquiring an additional 600 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in MGIC Investment by 6.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider's stock worth $248,000 after acquiring an additional 608 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on MTG shares. Keefe, Bruyette & Woods decreased their price objective 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. Barclays raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. UBS Group raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Finally, Compass Point reiterated a "neutral" rating and issued a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. 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 MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $26.63.

MGIC Investment Stock Performance

NYSE:MTG traded down $0.06 during mid-day trading on Thursday, hitting $26.38. The stock had a trading volume of 166,491 shares, compared to its average volume of 1,794,310. The stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of 9.09 and a beta of 0.91. 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 company has a 50 day simple moving average of $24.97 and a 200-day simple moving average of $24.61. MGIC Investment Co. has a 52 week low of $20.11 and a 52 week high of $26.92.

MGIC Investment (NYSE:MTG - Get Free Report) last released its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, beating the consensus estimate 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 63.18% and a return on equity of 14.86%. MGIC Investment's quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the company earned $0.65 EPS. On average, research analysts expect that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 annualized dividend and a dividend yield of 1.97%. MGIC Investment's dividend payout ratio is currently 17.28%.

MGIC Investment declared that its Board of Directors has initiated a stock buyback program on Thursday, April 24th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the insurance provider to buy up to 12.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors 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.