MGIC Investment Co. (NYSE:MTG) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC reduced its position in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 12.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 534,547 shares of the insurance provider's stock after selling 72,764 shares during the period. Nuveen Asset Management LLC owned about 0.21% of MGIC Investment worth $12,674,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Venturi Wealth Management LLC boosted its holdings in 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 acquiring an additional 918 shares during the period. V Square Quantitative Management LLC grew its holdings in shares of MGIC Investment by 61.9% in the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock valued at $49,000 after purchasing an additional 794 shares in the last quarter. Physician Wealth Advisors Inc. acquired a new stake in MGIC Investment during the 4th quarter worth approximately $54,000. EverSource Wealth Advisors LLC increased its position in shares of MGIC Investment by 21.9% during the fourth 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 during the period. Finally, Cary Street Partners Financial LLC acquired a new stake in shares of MGIC Investment in the fourth quarter valued at $209,000. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Stock Performance

NYSE MTG traded down $0.04 during trading hours on Friday, hitting $26.49. The company had a trading volume of 532,591 shares, compared to its average volume of 2,119,177. The business has a 50 day moving average of $25.01 and a 200-day moving average of $24.62. The company has a market cap of $6.29 billion, a PE ratio of 9.13 and a beta of 0.91. MGIC Investment Co. has a 1-year low of $20.11 and a 1-year high of $26.92. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48.

MGIC Investment (NYSE:MTG - Get Free Report) last released 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. 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 firm's quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 EPS. As a group, equities research analysts expect that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's payout ratio is currently 17.28%.

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on MTG shares. Barclays upped their price target on MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. UBS Group increased their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Compass Point reaffirmed a "neutral" rating and set a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Finally, Keefe, Bruyette & Woods dropped their target price on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $26.63.

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.