MGIC Investment Co. (NYSE:MTG) Shares Bought by Rhumbline Advisers

Rhumbline Advisers lifted its position in MGIC Investment Co. (NYSE:MTG - Free Report) by 7.9% in the first quarter, according to its most recent Form 13F filing with the SEC. 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 0.35% of MGIC Investment worth $20,391,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of MTG. Venturi Wealth Management LLC raised its position 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 purchasing an additional 918 shares in the last quarter. V Square Quantitative Management LLC increased its holdings in MGIC Investment by 61.9% during the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock valued at $49,000 after buying an additional 794 shares during the period. Physician Wealth Advisors Inc. purchased a new stake in MGIC Investment during the fourth quarter worth $54,000. EverSource Wealth Advisors LLC boosted its position in MGIC Investment by 21.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock valued at $55,000 after acquiring an additional 419 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of MGIC Investment by 262.0% in the 1st quarter. Versant Capital Management Inc now owns 4,811 shares of the insurance provider's stock valued at $119,000 after acquiring an additional 3,482 shares during the period. Hedge funds and other institutional investors own 95.58% of the company's stock.

MGIC Investment Stock Performance

NYSE:MTG traded up $0.19 during trading hours on Tuesday, hitting $26.24. 996,143 shares of the company were exchanged, compared to its average volume of 1,791,332. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. MGIC Investment Co. has a 52-week low of $20.35 and a 52-week high of $26.92. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 9.05 and a beta of 0.89. The company's 50 day moving average price is $25.25 and its 200-day moving average price is $24.70.

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 the consensus estimate of $0.66 by $0.09. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The business had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. During the same period in the previous year, the firm posted $0.65 earnings per share. The business's revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, research analysts forecast that MGIC Investment Co. will post 2.71 earnings per share for the current year.

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

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 annualized dividend and a yield of 1.98%. MGIC Investment's payout ratio is presently 17.28%.

Insider Activity

In related news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction dated 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 of the company's stock, 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 document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.05% of the company's stock.

Wall Street Analyst Weigh In

MTG has been the subject of several recent analyst reports. Keefe, Bruyette & Woods reduced their price objective on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a research note on Tuesday, April 8th. UBS Group lifted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Finally, Compass Point reiterated a "neutral" rating and set a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $26.63.

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.