Fortem Financial Group LLC Sells 15,489 Shares of MGIC Investment Corporation (NYSE:MTG)

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

Other large investors also recently modified their holdings of the company. KBC Group NV lifted its holdings 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 worth $283,000 after acquiring an additional 1,060 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of MGIC Investment by 39.1% in the first quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider's stock worth $150,000 after buying an additional 1,705 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of MGIC Investment by 50.1% in the first 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. Golden State Wealth Management LLC increased its stake in shares of 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 worth $53,000 after buying an additional 2,116 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of MGIC Investment by 14.8% in the fourth quarter. Wells Fargo & Company MN now owns 90,987 shares of the insurance provider's stock worth $2,157,000 after buying an additional 11,721 shares during the period. 95.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MTG has been the topic of several analyst reports. Compass Point reaffirmed a "neutral" rating and issued a $28.00 target price (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Barclays lifted their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods boosted 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 issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $26.88.

Insider Transactions at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of the company'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 owned 157,395 shares in the company, valued at $4,169,393.55. The trade was a 11.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.05% of the stock is currently owned by insiders.

MGIC Investment Stock Down 2.4%

Shares of MTG stock traded down $0.62 during mid-day trading on Friday, reaching $25.25. 3,982,282 shares of the company's stock traded hands, compared to its average volume of 1,883,971. 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 $5.99 billion, a P/E ratio of 8.39, a P/E/G ratio of 2.37 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 company's 50-day moving average price is $26.74 and its 200-day moving average price is $25.05.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. The company had revenue of $306.23 million for 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%. MGIC Investment's revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.65 EPS. On average, equities analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

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

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

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.