Mackenzie Financial Corp Lowers Stake in MGIC Investment Co. (NYSE:MTG)

Mackenzie Financial Corp trimmed its position in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 48.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 449,383 shares of the insurance provider's stock after selling 426,905 shares during the quarter. Mackenzie Financial Corp owned approximately 0.18% of MGIC Investment worth $10,655,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Venturi Wealth Management LLC lifted its stake in MGIC Investment by 102.1% during the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock valued at $43,000 after acquiring an additional 918 shares during the period. V Square Quantitative Management LLC raised its holdings in MGIC Investment by 61.9% during the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock valued at $49,000 after acquiring an additional 794 shares during the period. Physician Wealth Advisors Inc. bought a new stake in MGIC Investment during the fourth quarter valued at about $54,000. EverSource Wealth Advisors LLC raised its holdings in MGIC Investment by 21.9% during the fourth 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. Finally, Cary Street Partners Financial LLC bought a new stake in MGIC Investment during the fourth quarter valued at about $209,000. 95.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on MTG shares. Keefe, Bruyette & Woods dropped 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 research note on Tuesday, April 8th. UBS Group upped their price target on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Barclays upped their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Finally, Compass Point reaffirmed a "neutral" rating and issued a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. 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 MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $26.63.

MGIC Investment Trading Down 0.3%

NYSE:MTG traded down $0.07 on Friday, reaching $26.45. The company's stock had a trading volume of 1,976,950 shares, compared to its average volume of 1,801,000. MGIC Investment Co. has a 12-month low of $20.35 and a 12-month high of $26.92. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. The firm has a market cap of $6.28 billion, a price-to-earnings ratio of 9.12 and a beta of 0.91. The stock has a 50 day moving average price of $25.01 and a 200 day moving average price of $24.62.

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

MGIC Investment Dividend Announcement

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

MGIC Investment declared that its board has approved 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 reacquire up to 12.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

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.