Allianz Asset Management GmbH increased its stake in MGIC Investment Corporation (NYSE:MTG - Free Report) by 1.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,010,157 shares of the insurance provider's stock after purchasing an additional 48,064 shares during the quarter. Allianz Asset Management GmbH owned about 2.24% of MGIC Investment worth $146,397,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of MTG. Norges Bank acquired a new stake in MGIC Investment in the fourth quarter worth about $96,248,000. AQR Capital Management LLC lifted its holdings in MGIC Investment by 92.4% in the second quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider's stock worth $176,313,000 after purchasing an additional 3,041,446 shares during the period. Assetmark Inc. lifted its holdings in MGIC Investment by 1,208.1% in the third quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider's stock worth $47,496,000 after purchasing an additional 1,546,173 shares during the period. Arbejdsmarkedets Tillaegspension bought a new stake in MGIC Investment in the fourth quarter worth about $24,456,000. Finally, Caisse de depot et placement du Quebec raised its position in MGIC Investment by 20.4% in the third quarter. Caisse de depot et placement du Quebec now owns 3,943,965 shares of the insurance provider's stock worth $111,890,000 after acquiring an additional 667,876 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts have commented on MTG shares. UBS Group dropped their price target on shares of MGIC Investment from $29.50 to $28.00 and set a "neutral" rating on the stock in a research report on Thursday, March 12th. Keefe, Bruyette & Woods boosted their price target on shares of MGIC Investment from $28.00 to $29.00 and gave the stock a "market perform" rating in a research report on Friday, April 10th. Barclays dropped their price target on shares of MGIC Investment from $29.00 to $28.00 and set an "equal weight" rating on the stock in a research report on Friday, May 1st. Finally, Royal Bank Of Canada started coverage on shares of MGIC Investment in a research report on Friday, May 22nd. They issued a "sector perform" rating and a $28.00 price target on the stock. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $28.25.
Read Our Latest Report on MGIC Investment
Insider Activity
In other news, CEO Timothy J. Mattke sold 139,202 shares of the company's stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.49, for a total value of $3,687,460.98. Following the transaction, the chief executive officer owned 1,118,005 shares in the company, valued at $29,615,952.45. This represents a 11.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the transaction, the chief operating officer owned 560,951 shares in the company, valued at $14,236,936.38. This represents a 5.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 201,070 shares of company stock worth $5,270,740 in the last 90 days. Company insiders own 1.34% of the company's stock.
MGIC Investment Price Performance
NYSE MTG opened at $25.55 on Wednesday. The stock's 50-day moving average price is $26.65 and its two-hundred day moving average price is $27.17. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13. The company has a market cap of $5.40 billion, a PE ratio of 8.11, a PEG ratio of 1.73 and a beta of 0.68. MGIC Investment Corporation has a 1 year low of $24.69 and a 1 year high of $29.97.
MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.03. The firm had revenue of $297.08 million for the quarter, compared to the consensus estimate of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The business's revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.75 EPS. On average, analysts predict that MGIC Investment Corporation will post 3.06 EPS for the current year.
MGIC Investment Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.3%. The ex-dividend date was Wednesday, May 6th. MGIC Investment's payout ratio is presently 19.05%.
MGIC Investment announced that its Board of Directors has approved a stock buyback plan on Thursday, April 23rd that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 12.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.
About MGIC Investment
(
Free Report)
MGIC Investment Corporation NYSE: MTG is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation's first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.
The company's primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.
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