Ellenbecker Investment Group grew its stake in MGIC Investment Co. (NYSE:MTG - Free Report) by 189.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,450 shares of the insurance provider's stock after acquiring an additional 21,890 shares during the quarter. Ellenbecker Investment Group's holdings in MGIC Investment were worth $829,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. EverSource Wealth Advisors LLC increased 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 valued at $55,000 after acquiring an additional 419 shares during the period. Xponance Inc. lifted its holdings in shares of MGIC Investment by 1.3% in the 4th quarter. Xponance Inc. now owns 35,320 shares of the insurance provider's stock valued at $837,000 after buying an additional 442 shares during the period. ProShare Advisors LLC raised its holdings in MGIC Investment by 4.9% in the 4th quarter. ProShare Advisors LLC now owns 11,854 shares of the insurance provider's stock worth $281,000 after purchasing an additional 553 shares during the period. Nations Financial Group Inc. IA ADV raised its holdings in MGIC Investment by 1.6% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider's stock worth $897,000 after purchasing an additional 579 shares during the period. Finally, US Bancorp DE raised its holdings in MGIC Investment by 6.2% in the 4th quarter. US Bancorp DE now owns 10,249 shares of the insurance provider's stock worth $243,000 after purchasing an additional 600 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.
MGIC Investment Price Performance
Shares of MTG stock traded down $0.08 during trading hours on Friday, reaching $26.82. The company had a trading volume of 1,880,434 shares, compared to its average volume of 1,799,428. The company has a market capitalization of $6.37 billion, a price-to-earnings ratio of 9.25 and a beta of 0.89. MGIC Investment Co. has a 12-month low of $20.35 and a 12-month high of $27.12. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. The stock has a fifty day moving average of $25.50 and a 200-day moving average of $24.71.
MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.66 by $0.09. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. The business had revenue of $306.23 million during the quarter, compared to analyst estimates of $306.66 million. During the same period last year, the business posted $0.65 earnings per share. The company's quarterly revenue was up 4.0% on a year-over-year basis. On average, equities analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share for the current year.
MGIC Investment declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 24th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 12.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.
MGIC Investment Announces Dividend
The business 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. This represents a $0.52 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Thursday, May 8th. MGIC Investment's payout ratio is currently 17.28%.
Insider Activity at MGIC Investment
In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $26.49, for a total transaction of $529,800.00. Following the transaction, the executive vice president now owns 157,395 shares of the company's stock, valued at approximately $4,169,393.55. This trade represents a 11.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.41% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
MTG has been the subject of several research reports. Compass Point reiterated a "neutral" rating and set a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Keefe, Bruyette & Woods cut their price objective on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a research note on Tuesday, April 8th. Finally, UBS Group boosted their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $26.63.
View Our Latest Analysis on MTG
About MGIC Investment
(
Free Report)
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.
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