Millennium Management LLC Trims Holdings in MGIC Investment Co. (NYSE:MTG)

Millennium Management LLC decreased its stake in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 71.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 226,963 shares of the insurance provider's stock after selling 564,028 shares during the quarter. Millennium Management LLC owned about 0.09% of MGIC Investment worth $5,381,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Lazard Asset Management LLC lifted its stake in MGIC Investment by 28.3% in the 4th quarter. Lazard Asset Management LLC now owns 66,430 shares of the insurance provider's stock valued at $1,574,000 after purchasing an additional 14,651 shares during the last quarter. Focus Partners Wealth bought a new position in shares of MGIC Investment during the 4th quarter worth approximately $254,000. Deutsche Bank AG increased its holdings in shares of MGIC Investment by 138.7% during the 4th quarter. Deutsche Bank AG now owns 86,530 shares of the insurance provider's stock worth $2,052,000 after acquiring an additional 50,272 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in MGIC Investment by 144.7% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 14,613 shares of the insurance provider's stock valued at $346,000 after acquiring an additional 8,640 shares during the period. Finally, Cetera Investment Advisers raised its position in shares of MGIC Investment by 6.0% in the fourth quarter. Cetera Investment Advisers now owns 13,904 shares of the insurance provider's stock valued at $330,000 after purchasing an additional 792 shares during the period. Institutional investors own 95.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on MTG shares. Barclays increased their price target on MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. Compass Point restated a "neutral" rating and set a $28.00 price target (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. UBS Group raised their target price on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a report on Tuesday, April 8th. One equities research 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. Based on data from MarketBeat, MGIC Investment presently has a consensus rating of "Hold" and an average target price of $26.63.

MGIC Investment Stock Down 0.3%

Shares of MTG stock traded down $0.07 during trading hours on Friday, hitting $26.45. 1,976,950 shares of the company's stock traded hands, compared to its average volume of 1,804,104. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. The stock's fifty day simple moving average is $25.01 and its two-hundred day simple moving average is $24.62. MGIC Investment Co. has a 12-month low of $20.35 and a 12-month high of $26.92. The stock has a market cap of $6.28 billion, a price-to-earnings ratio of 9.12 and a beta of 0.91.

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, 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 return on equity of 14.86% and a net margin of 63.18%. The company's quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.65 earnings per share. On average, analysts expect that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The company also recently announced 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 dividend yield of 1.97%. The ex-dividend date was Thursday, May 8th. MGIC Investment's dividend payout ratio (DPR) is 17.28%.

MGIC Investment announced that its Board of Directors has initiated a stock buyback program on Thursday, April 24th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the insurance provider to purchase up to 12.5% of its shares through open market purchases. Shares buyback programs are generally 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.