23,956 Shares in MGIC Investment Corporation (NYSE:MTG) Acquired by MQS Management LLC

MQS Management LLC purchased a new position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 23,956 shares of the insurance provider's stock, valued at approximately $594,000.

Several other large investors also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its stake in shares of MGIC Investment by 21.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock worth $55,000 after acquiring an additional 419 shares in the last quarter. Xponance Inc. boosted its stake in MGIC Investment by 1.3% during the 4th quarter. Xponance Inc. now owns 35,320 shares of the insurance provider's stock valued at $837,000 after purchasing an additional 442 shares during the period. Fifth Third Bancorp boosted its stake in 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 purchasing an additional 461 shares during the period. NorthCrest Asset Manangement LLC boosted its stake in MGIC Investment by 1.3% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 41,718 shares of the insurance provider's stock valued at $1,034,000 after purchasing an additional 524 shares during the period. Finally, ProShare Advisors LLC boosted its stake in MGIC Investment by 4.9% during the 4th quarter. ProShare Advisors LLC now owns 11,854 shares of the insurance provider's stock valued at $281,000 after purchasing an additional 553 shares during the period. Institutional investors own 95.58% of the company's stock.

MGIC Investment Stock Performance

MGIC Investment stock traded down $0.62 during trading hours on Friday, hitting $25.25. The stock had a trading volume of 3,982,282 shares, compared to its average volume of 1,885,100. The company has a 50-day moving average of $26.74 and a two-hundred day moving average of $25.06. 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 has a market cap of $5.99 billion, a PE ratio of 8.39, a price-to-earnings-growth ratio of 2.31 and a beta of 0.89. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $28.67.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.66 by $0.09. The firm had revenue of $306.23 million during the quarter, compared to analysts' expectations of $306.66 million. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. The company's revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.65 EPS. On average, equities research analysts anticipate that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

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

MGIC Investment declared that its board has approved a stock buyback program on Thursday, April 24th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the insurance provider to reacquire up to 12.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MTG. Keefe, Bruyette & Woods increased their target price on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research note on Monday, July 7th. Compass Point restated a "neutral" rating and set a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Finally, Barclays increased their target price on MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $26.88.

Insider Buying and Selling

In other news, EVP Paula C. Maggio sold 20,000 shares of the 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 completion of the transaction, the executive vice president directly owned 157,395 shares of the company's stock, valued at approximately $4,169,393.55. This represents a 11.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.05% of the stock is currently owned by company insiders.

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.