MGIC Investment Corporation (NYSE:MTG) Shares Sold by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale reduced its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 13.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 369,053 shares of the insurance provider's stock after selling 55,989 shares during the period. DekaBank Deutsche Girozentrale owned about 0.15% of MGIC Investment worth $8,851,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. KBC Group NV increased its position in shares of MGIC Investment by 10.2% in the 1st quarter. KBC Group NV now owns 11,417 shares of the insurance provider's stock valued at $283,000 after purchasing an additional 1,060 shares during the last quarter. GAMMA Investing LLC increased its position in shares of MGIC Investment by 39.1% in the 1st quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider's stock valued at $150,000 after purchasing an additional 1,705 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of MGIC Investment by 50.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider's stock valued at $406,000 after purchasing an additional 5,393 shares during the last quarter. Golden State Wealth Management LLC increased its position in shares of MGIC Investment by 7,837.0% in 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 last quarter. Finally, Wells Fargo & Company MN increased its position in shares of MGIC Investment by 14.8% in the 4th quarter. Wells Fargo & Company MN now owns 90,987 shares of the insurance provider's stock valued at $2,157,000 after purchasing an additional 11,721 shares during the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Compass Point reissued a "neutral" rating and issued a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Barclays increased their price objective 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, Keefe, Bruyette & Woods increased their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research report on Monday, July 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $26.88.

MGIC Investment Stock Down 2.4%

Shares of NYSE MTG traded down $0.62 during mid-day trading on Friday, reaching $25.25. The company had a trading volume of 3,982,282 shares, compared to its average volume of 1,885,100. 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 50 day simple moving average of $26.74 and a two-hundred day simple moving average of $25.06. The stock has a market cap of $5.99 billion, a P/E ratio of 8.39, a PEG ratio of 2.31 and a beta of 0.89. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week high of $28.67.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its 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. The firm had revenue of $306.23 million for the quarter, compared to the consensus estimate of $306.66 million. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The company's revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm posted $0.65 EPS. Sell-side analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Thursday, May 8th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's dividend payout ratio is currently 17.28%.

MGIC Investment announced that its Board of Directors has authorized a share buyback program on Thursday, April 24th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to reacquire up to 12.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction on Friday, May 30th. The shares were 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 in the company, valued at $4,169,393.55. This represents a 11.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.41% of the stock is currently owned by corporate 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.