Asset Management One Co. Ltd. cut its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 56.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,941 shares of the insurance provider's stock after selling 37,552 shares during the quarter. Asset Management One Co. Ltd.'s holdings in MGIC Investment were worth $717,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Physician Wealth Advisors Inc. purchased a new position in MGIC Investment in the 4th quarter valued at about $54,000. EverSource Wealth Advisors LLC raised its holdings in shares of 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 last quarter. UMB Bank n.a. lifted its position in shares of MGIC Investment by 61.3% in the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock valued at $66,000 after acquiring an additional 1,011 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after acquiring an additional 461 shares during the last quarter. Finally, Versant Capital Management Inc increased its position in shares of MGIC Investment by 262.0% during the first quarter. Versant Capital Management Inc now owns 4,811 shares of the insurance provider's stock worth $119,000 after purchasing an additional 3,482 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.
MGIC Investment Stock Up 0.6%
Shares of MTG opened at $27.83 on Tuesday. MGIC Investment Corporation has a 52-week low of $21.20 and a 52-week high of $28.28. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.13. The stock has a fifty day simple moving average of $26.28 and a two-hundred day simple moving average of $24.85. The company has a market capitalization of $6.61 billion, a PE ratio of 9.25, a price-to-earnings-growth ratio of 2.53 and a beta of 0.89.
MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.09. The firm had revenue of $306.23 million during the quarter, compared to analysts' expectations of $306.66 million. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. MGIC Investment's revenue was up 4.0% compared to the same quarter last year. During the same period last year, the business earned $0.65 earnings per share. As a group, equities analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.
MGIC Investment declared that its board has initiated a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its stock is undervalued.
MGIC Investment Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.87%. The ex-dividend date was Thursday, May 8th. MGIC Investment's payout ratio is presently 17.28%.
Insider Buying and Selling
In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $26.49, for a total transaction of $529,800.00. Following the completion of the sale, the executive vice president owned 157,395 shares of the company's stock, valued at $4,169,393.55. This trade represents a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.41% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on MTG shares. Compass Point restated 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. Keefe, Bruyette & Woods decreased their price target on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, MGIC Investment presently has an average rating of "Hold" and a consensus price target of $26.63.
Read Our Latest Research Report 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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