MQS Management LLC Acquires Shares of 23,956 MGIC Investment Corporation (NYSE:MTG)

MQS Management LLC acquired a new position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 23,956 shares of the insurance provider's stock, valued at approximately $594,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in MTG. KBC Group NV increased its stake in MGIC Investment by 10.2% in the 1st quarter. KBC Group NV now owns 11,417 shares of the insurance provider's stock valued at $283,000 after buying an additional 1,060 shares during the last quarter. GAMMA Investing LLC increased its stake in MGIC Investment by 39.1% in the 1st quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider's stock valued at $150,000 after buying an additional 1,705 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in MGIC Investment by 50.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider's stock valued at $406,000 after buying an additional 5,393 shares during the last quarter. Golden State Wealth Management LLC increased its stake in MGIC Investment by 7,837.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock valued at $53,000 after buying an additional 2,116 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in MGIC Investment by 14.8% in the 4th quarter. Wells Fargo & Company MN now owns 90,987 shares of the insurance provider's stock valued at $2,157,000 after buying an additional 11,721 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Performance

Shares of MTG stock traded up $0.05 during midday trading on Wednesday, hitting $25.11. 3,060,941 shares of the company were exchanged, compared to its average volume of 1,897,391. The firm has a market capitalization of $5.96 billion, a P/E ratio of 8.34, a PEG ratio of 2.29 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.25 and a current ratio of 1.25. The firm's 50 day moving average price is $26.71 and its two-hundred day moving average price is $25.08. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $28.67.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.66 by $0.09. The business had revenue of $306.23 million during the quarter, compared to the consensus estimate 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 firm posted $0.65 EPS. As a group, equities research analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Thursday, May 8th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's payout ratio is 17.28%.

MGIC Investment announced that its board has initiated a share buyback plan on Thursday, April 24th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the insurance provider to buy up to 12.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on MTG shares. Barclays lifted their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Compass Point restated 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. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research note on Monday, July 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $26.88.

Insider Activity at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the completion of the sale, the executive vice president owned 157,395 shares of the company's stock, valued at approximately $4,169,393.55. The trade was a 11.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.05% of the company's stock.

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.