Man Group plc Has $1.89 Million Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Man Group plc reduced its stake in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 55.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 79,845 shares of the insurance provider's stock after selling 98,321 shares during the period. Man Group plc's holdings in MGIC Investment were worth $1,893,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of MTG. UMB Bank n.a. boosted its holdings in MGIC Investment by 131.9% in the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock worth $39,000 after purchasing an additional 938 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in MGIC Investment by 102.1% in the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock worth $43,000 after purchasing an additional 918 shares in the last quarter. V Square Quantitative Management LLC boosted its holdings in MGIC Investment by 61.9% in the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock worth $49,000 after purchasing an additional 794 shares in the last quarter. Physician Wealth Advisors Inc. bought a new stake in MGIC Investment in the fourth quarter worth $54,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in 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 purchasing an additional 419 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Stock Performance

Shares of MTG traded up $0.64 during trading hours on Tuesday, reaching $26.63. 1,389,640 shares of the company traded hands, compared to its average volume of 1,799,232. The stock's fifty day moving average is $24.85 and its 200 day moving average is $24.58. The stock has a market cap of $6.32 billion, a P/E ratio of 9.18 and a beta of 0.91. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. MGIC Investment Co. has a 1-year low of $20.11 and a 1-year high of $26.92.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data 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 net margin of 63.18% and a return on equity of 14.86%. The business had revenue of $306.23 million during the quarter, compared to analyst estimates of $306.66 million. During the same quarter in the prior year, the business earned $0.65 earnings per share. The firm's revenue for the quarter was up 4.0% on a year-over-year basis. Equities research analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment declared that its board has initiated a stock buyback 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 shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Thursday, May 8th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's dividend payout ratio (DPR) is presently 17.28%.

Analysts Set New Price Targets

MTG has been the subject of a number of recent research reports. Barclays upped their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. UBS Group upped their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Keefe, Bruyette & Woods decreased their price target 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. Finally, Compass Point restated a "neutral" rating and set a $28.00 price target (up from $27.00) on shares of MGIC Investment in a report on Friday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, MGIC Investment presently has an average rating of "Hold" and an average price target of $26.63.

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.