MGIC Investment Corporation (NYSE:MTG) Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC decreased its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 7.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,498,303 shares of the insurance provider's stock after selling 119,842 shares during the period. Wealth Enhancement Advisory Services LLC owned about 0.62% of MGIC Investment worth $37,128,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Asset Management One Co. Ltd. boosted its position in MGIC Investment by 311.0% during the fourth quarter. Asset Management One Co. Ltd. now owns 66,493 shares of the insurance provider's stock worth $1,575,000 after purchasing an additional 50,316 shares in the last quarter. State of New Jersey Common Pension Fund D raised its stake in shares of MGIC Investment by 2.8% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 85,436 shares of the insurance provider's stock worth $2,026,000 after buying an additional 2,298 shares during the period. Venturi Wealth Management LLC lifted its position in shares of MGIC Investment by 102.1% during the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock valued at $43,000 after buying an additional 918 shares in the last quarter. New York State Common Retirement Fund grew its stake in MGIC Investment by 25.8% in the 4th quarter. New York State Common Retirement Fund now owns 360,028 shares of the insurance provider's stock valued at $8,536,000 after acquiring an additional 73,837 shares during the period. Finally, Handelsbanken Fonder AB increased its holdings in MGIC Investment by 11.6% in the 4th quarter. Handelsbanken Fonder AB now owns 67,482 shares of the insurance provider's stock worth $1,600,000 after acquiring an additional 7,000 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MTG. Keefe, Bruyette & Woods dropped their target price on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 8th. Compass Point reiterated a "neutral" rating and set a $28.00 price objective (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 assigned a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $26.63.

Insider Transactions at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $26.49, for a total value of $529,800.00. Following the sale, the executive vice president now owns 157,395 shares of the company's stock, valued at $4,169,393.55. The trade was a 11.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.41% of the company's stock.

MGIC Investment Trading Up 1.4%

Shares of MTG traded up $0.40 during mid-day trading on Tuesday, reaching $28.11. The stock had a trading volume of 3,233,022 shares, compared to its average volume of 1,828,019. MGIC Investment Corporation has a 52-week low of $20.96 and a 52-week high of $28.28. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of 9.34, a P/E/G ratio of 2.48 and a beta of 0.89. The business's fifty day moving average is $25.90 and its 200 day moving average is $24.75. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.25 and a quick ratio of 1.25.

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. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The business had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. During the same quarter last year, the firm earned $0.65 EPS. The business's revenue was up 4.0% compared to the same quarter last year. On average, sell-side analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.85%. 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 share buyback program on Thursday, April 24th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the insurance provider to repurchase up to 12.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

MGIC Investment 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.