MGIC Investment Corporation (NYSE:MTG) Shares Sold by Fortem Financial Group LLC

Fortem Financial Group LLC decreased its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 23.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,714 shares of the insurance provider's stock after selling 15,489 shares during the period. Fortem Financial Group LLC's holdings in MGIC Investment were worth $1,257,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC boosted its stake in MGIC Investment by 7,837.0% in the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock valued at $53,000 after acquiring an additional 2,116 shares during the last quarter. Physician Wealth Advisors Inc. purchased a new position in MGIC Investment in the fourth quarter valued at about $54,000. EverSource Wealth Advisors LLC boosted its stake in MGIC Investment by 21.9% in 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 stake in shares of MGIC Investment by 61.3% during the 1st quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock valued at $66,000 after buying an additional 1,011 shares in the last quarter. Finally, Fifth Third Bancorp lifted its stake in shares of MGIC Investment by 20.1% during the 1st quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock valued at $68,000 after buying an additional 461 shares in the last quarter. 95.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MTG. Compass Point reaffirmed a "neutral" rating and set a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Barclays upped their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods upped 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $26.88.

Insider Transactions at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction that occurred 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 transaction, the executive vice president directly 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. Corporate insiders own 1.05% of the company's stock.

MGIC Investment Price Performance

MGIC Investment stock traded down $0.51 during mid-day trading on Tuesday, reaching $25.03. 2,944,112 shares of the company's stock traded hands, compared to its average volume of 1,892,542. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $28.67. The company has a market cap of $5.94 billion, a price-to-earnings ratio of 8.32, a PEG 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 stock has a 50 day moving average of $26.73 and a two-hundred day moving average of $25.08.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its earnings results 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. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The company had revenue of $306.23 million for the quarter, compared to analysts' expectations of $306.66 million. During the same period in the prior year, the business earned $0.65 EPS. The firm's quarterly revenue was up 4.0% on a year-over-year basis. Equities analysts forecast 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. Shareholders 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 yield of 2.08%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's dividend payout ratio is presently 17.28%.

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

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.