MGIC Investment Corporation (NYSE:MTG) Shares Sold by Bank of New York Mellon Corp

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

A number of other hedge funds and other institutional investors have also bought and sold shares of MTG. Golden State Wealth Management LLC increased its holdings in MGIC Investment by 7,837.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock valued at $53,000 after purchasing an additional 2,116 shares during the period. Physician Wealth Advisors Inc. bought a new position in MGIC Investment in the 4th quarter worth $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. UMB Bank n.a. grew its position in shares of MGIC Investment by 61.3% during the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock valued at $66,000 after purchasing an additional 1,011 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in shares of MGIC Investment by 20.1% during the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock valued at $68,000 after purchasing an additional 461 shares in the last quarter. Institutional investors own 95.58% of the company's stock.

Insiders Place Their Bets

In other news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction dated Friday, May 30th. The stock was 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 owned 157,395 shares of the company's stock, valued at $4,169,393.55. The trade was a 11.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.05% of the stock is currently owned by company insiders.

MGIC Investment Price Performance

MGIC Investment stock traded down $0.51 during mid-day trading on Tuesday, hitting $25.03. 2,934,438 shares of the company were exchanged, compared to its average volume of 1,892,542. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $28.67. The company has a market capitalization of $5.94 billion, a PE ratio of 8.32, a price-to-earnings-growth ratio of 2.31 and a beta of 0.89. 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 business has a fifty day moving average of $26.73 and a 200 day moving average of $25.08.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.09. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The firm had revenue of $306.23 million during the quarter, compared to analysts' expectations of $306.66 million. During the same quarter last year, the company posted $0.65 earnings per share. The company's revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, sell-side analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment announced that its Board of Directors has initiated a stock 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 often an indication that the company's leadership believes its shares are undervalued.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.08%. MGIC Investment's payout ratio is 17.28%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MTG. Keefe, Bruyette & Woods increased their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research note on Monday, July 7th. Barclays boosted their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Compass Point reissued a "neutral" rating and set a $28.00 price target (up 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 given a buy rating to the company. Based on data from MarketBeat, MGIC Investment presently has an average rating of "Hold" and a consensus target price of $26.88.

MGIC Investment 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.