Rhumbline Advisers Purchases 59,960 Shares of MGIC Investment Co. (NYSE:MTG)

Rhumbline Advisers increased its position in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 7.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 822,871 shares of the insurance provider's stock after purchasing an additional 59,960 shares during the period. Rhumbline Advisers owned about 0.35% of MGIC Investment worth $20,391,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. First Trust Advisors LP increased its position in shares of MGIC Investment by 22.4% during the fourth quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider's stock valued at $379,561,000 after purchasing an additional 2,928,595 shares during the period. LSV Asset Management boosted its stake in MGIC Investment by 2.3% in the 4th quarter. LSV Asset Management now owns 10,578,342 shares of the insurance provider's stock valued at $250,812,000 after buying an additional 235,916 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in MGIC Investment by 8.2% in the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider's stock valued at $130,289,000 after buying an additional 415,586 shares in the last quarter. Invesco Ltd. boosted its stake in MGIC Investment by 16.6% in the 4th quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider's stock valued at $113,006,000 after buying an additional 677,227 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in MGIC Investment by 6.5% in the 4th quarter. Northern Trust Corp now owns 4,524,277 shares of the insurance provider's stock valued at $107,271,000 after buying an additional 277,746 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MTG. Keefe, Bruyette & Woods decreased their price target on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 8th. Compass Point reaffirmed a "neutral" rating and issued a $28.00 price target (up previously from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Finally, UBS Group boosted their price target on MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $26.63.

Insider Transactions at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of the business's stock in a transaction on Friday, May 30th. The stock was 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 now owns 157,395 shares in the company, valued at $4,169,393.55. The trade was a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.05% of the stock is currently owned by corporate insiders.

MGIC Investment Price Performance

MGIC Investment stock traded down $0.25 on Monday, reaching $26.07. The company's stock had a trading volume of 1,198,123 shares, compared to its average volume of 1,793,748. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. The company has a market cap of $6.19 billion, a price-to-earnings ratio of 8.99 and a beta of 0.89. The business's fifty day moving average price is $25.20 and its 200 day moving average price is $24.68. MGIC Investment Co. has a twelve month low of $20.35 and a twelve month high of $26.92.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. The company had revenue of $306.23 million for the quarter, compared to analyst estimates of $306.66 million. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. The business's revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.65 earnings per share. Equities analysts expect that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal 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 paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's dividend payout ratio is currently 17.28%.

MGIC Investment announced that its board has authorized a share repurchase program on Thursday, April 24th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the insurance provider to reacquire up to 12.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

About MGIC Investment

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.