Vanguard Group Inc. Trims Stock Holdings in MGIC Investment Corporation (NYSE:MTG)

Vanguard Group Inc. cut its position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 4.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,656,456 shares of the insurance provider's stock after selling 1,673,958 shares during the quarter. Vanguard Group Inc. owned about 13.75% of MGIC Investment worth $809,227,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Cullen Frost Bankers Inc. bought a new stake in MGIC Investment in the first quarter worth $33,000. Golden State Wealth Management LLC boosted its holdings 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 worth $53,000 after acquiring an additional 2,116 shares in the last quarter. UMB Bank n.a. boosted its holdings in MGIC Investment by 61.3% in the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock worth $66,000 after acquiring an additional 1,011 shares in the last quarter. Fifth Third Bancorp boosted its holdings in MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after acquiring an additional 461 shares in the last quarter. Finally, Versant Capital Management Inc boosted its holdings in MGIC Investment by 262.0% in the first quarter. Versant Capital Management Inc now owns 4,811 shares of the insurance provider's stock worth $119,000 after acquiring an additional 3,482 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Compass Point reissued a "neutral" rating and issued a $28.00 target price (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Barclays boosted their target price on 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 boosted their target price on MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a report on Monday, July 7th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company's stock. Based on data from MarketBeat, MGIC Investment currently has an average rating of "Hold" and a consensus target price of $26.67.

MGIC Investment Stock Down 1.2%

Shares of MTG stock traded down $0.34 during mid-day trading on Friday, hitting $27.52. The company's stock had a trading volume of 1,743,980 shares, compared to its average volume of 2,170,613. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week high of $28.67. The business has a 50-day moving average price of $26.68 and a 200 day moving average price of $25.43. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46. The stock has a market cap of $6.34 billion, a price-to-earnings ratio of 9.02, a PEG ratio of 2.02 and a beta of 0.90.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.12. The firm had revenue of $304.25 million during the quarter, compared to analysts' expectations of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%. The company's revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 earnings per share. Research analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 7th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. This is a boost from MGIC Investment's previous quarterly dividend of $0.13. The ex-dividend date is Thursday, August 7th. MGIC Investment's dividend payout ratio (DPR) is currently 19.67%.

MGIC Investment declared that its board has authorized a share repurchase program on Thursday, April 24th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the insurance provider to reacquire up to 12.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Insider Activity at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $26.22, for a total transaction of $786,600.00. Following the completion of the sale, the chief operating officer owned 249,401 shares of the company's stock, valued at approximately $6,539,294.22. The trade was a 10.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $26.54, for a total value of $3,694,447.62. Following the sale, the chief executive officer directly owned 1,100,994 shares of the company's stock, valued at $29,220,380.76. This represents a 11.22% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 189,203 shares of company stock worth $5,010,848. 1.05% of the stock is owned by 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.