Bank of New York Mellon Corp Has $60.98 Million Stock Holdings in MGIC Investment Corporation (NYSE:MTG)

Bank of New York Mellon Corp decreased its stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 7.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 2,460,641 shares of the insurance provider's stock after selling 206,200 shares during the period. Bank of New York Mellon Corp owned 1.01% of MGIC Investment worth $60,975,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Meritage Portfolio Management boosted its holdings in shares of MGIC Investment by 5.5% during the 1st quarter. Meritage Portfolio Management now owns 28,061 shares of the insurance provider's stock worth $695,000 after buying an additional 1,470 shares during the period. Monument Capital Management boosted its holdings in shares of MGIC Investment by 1.1% during the 1st quarter. Monument Capital Management now owns 143,080 shares of the insurance provider's stock worth $3,546,000 after buying an additional 1,591 shares during the period. KBC Group NV boosted its holdings in shares of MGIC Investment by 10.2% during the 1st quarter. KBC Group NV now owns 11,417 shares of the insurance provider's stock worth $283,000 after buying an additional 1,060 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of MGIC Investment by 50.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider's stock worth $406,000 after buying an additional 5,393 shares during the period. Finally, Diversified Trust Co boosted its holdings in shares of MGIC Investment by 93.8% during the 1st quarter. Diversified Trust Co now owns 61,479 shares of the insurance provider's stock worth $1,523,000 after buying an additional 29,759 shares during the period. Institutional investors own 95.58% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on MTG. Keefe, Bruyette & Woods lifted their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a report on Monday, July 7th. Barclays boosted their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a report on Tuesday. Finally, Compass Point reissued 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 equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, MGIC Investment presently has an average rating of "Hold" and an average target price of $26.88.

MGIC Investment Stock Performance

NYSE MTG traded down $0.62 during trading on Friday, reaching $25.25. The company's stock had a trading volume of 3,982,282 shares, compared to its average volume of 1,883,971. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $5.99 billion, a price-to-earnings ratio of 8.39, a price-to-earnings-growth ratio of 2.37 and a beta of 0.89. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $28.67. The firm has a 50 day moving average price of $26.74 and a 200 day moving average price of $25.05.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.66 by $0.09. The company 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%. The business's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.65 EPS. As a group, equities analysts anticipate that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.06%. The ex-dividend date was Thursday, May 8th. MGIC Investment's payout ratio is presently 17.28%.

MGIC Investment declared that its Board of Directors has approved a stock repurchase plan on Thursday, April 24th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to purchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Insider Activity at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of the business's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $26.49, for a total value of $529,800.00. Following the completion of the transaction, the executive vice president directly owned 157,395 shares in the company, valued at approximately $4,169,393.55. The trade was a 11.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.05% of the company's stock.

About MGIC Investment

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.