DekaBank Deutsche Girozentrale Sells 55,989 Shares of MGIC Investment Corporation (NYSE:MTG)

DekaBank Deutsche Girozentrale lowered its stake in MGIC Investment Corporation (NYSE:MTG - Free Report) by 13.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 369,053 shares of the insurance provider's stock after selling 55,989 shares during the period. DekaBank Deutsche Girozentrale owned 0.15% of MGIC Investment worth $8,851,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MTG. US Bancorp DE raised its holdings in shares of MGIC Investment by 6.2% in the fourth quarter. US Bancorp DE now owns 10,249 shares of the insurance provider's stock valued at $243,000 after purchasing an additional 600 shares during the last quarter. Proficio Capital Partners LLC bought a new position in shares of MGIC Investment during the 4th quarter worth approximately $653,000. Raymond James Financial Inc. bought a new position in shares of MGIC Investment in the 4th quarter worth $1,740,000. PNC Financial Services Group Inc. lifted its stake in MGIC Investment by 6.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider's stock valued at $248,000 after acquiring an additional 608 shares in the last quarter. Finally, Amundi purchased a new stake in shares of MGIC Investment during the 4th quarter valued at $8,914,000. 95.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Barclays increased their target price on MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods upped their price objective on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research report on Monday, July 7th. Finally, Compass Point reiterated a "neutral" rating and issued a $28.00 price target (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, MGIC Investment presently has an average rating of "Hold" and a consensus target price of $26.88.

MGIC Investment Stock Down 2.0%

MTG stock traded down $0.51 during mid-day trading on Tuesday, reaching $25.03. 2,944,098 shares of the company traded hands, compared to its average volume of 1,892,542. The stock has a market cap of $5.94 billion, a price-to-earnings ratio of 8.32, a P/E/G 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 firm's 50 day moving average price is $26.73 and its 200 day moving average price is $25.08. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $28.67.

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

MGIC Investment Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date was Thursday, May 8th. MGIC Investment's dividend payout ratio (DPR) is presently 17.28%.

MGIC Investment announced that its Board of Directors has initiated a share repurchase program on Thursday, April 24th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to buy up to 12.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the business's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.49, for a total value of $529,800.00. Following the transaction, the executive vice president directly owned 157,395 shares in the company, 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 SEC, which is available through the SEC website. 1.05% of the stock is currently owned by company insiders.

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.