SG Americas Securities LLC Makes New Investment in MGIC Investment Corporation (NYSE:MTG)

SG Americas Securities LLC acquired a new position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 18,822 shares of the insurance provider's stock, valued at approximately $466,000.

A number of other large investors have also made changes to their positions in MTG. State of New Jersey Common Pension Fund D increased its position in shares of MGIC Investment by 2.8% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 85,436 shares of the insurance provider's stock valued at $2,026,000 after purchasing an additional 2,298 shares during the period. Venturi Wealth Management LLC boosted its stake in MGIC Investment by 102.1% during the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock worth $43,000 after buying an additional 918 shares in the last quarter. New York State Common Retirement Fund increased its holdings in MGIC Investment by 25.8% in the 4th quarter. New York State Common Retirement Fund now owns 360,028 shares of the insurance provider's stock valued at $8,536,000 after buying an additional 73,837 shares during the period. Handelsbanken Fonder AB raised its stake in shares of MGIC Investment by 11.6% in the 4th quarter. Handelsbanken Fonder AB now owns 67,482 shares of the insurance provider's stock valued at $1,600,000 after buying an additional 7,000 shares in the last quarter. Finally, NewEdge Wealth LLC lifted its holdings in shares of MGIC Investment by 11.6% during the 4th quarter. NewEdge Wealth LLC now owns 1,837,821 shares of the insurance provider's stock worth $43,575,000 after acquiring an additional 190,450 shares during the period. Institutional investors and hedge funds own 95.58% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on MTG shares. Keefe, Bruyette & Woods lowered their target price on shares of 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 set a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. 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's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $26.63.

MGIC Investment Price Performance

Shares of NYSE MTG traded up $0.40 during mid-day trading on Tuesday, hitting $28.11. 3,233,022 shares of the stock were exchanged, compared to its average volume of 1,827,568. MGIC Investment Corporation has a twelve month low of $20.96 and a twelve month high of $28.28. The stock's fifty day simple moving average is $25.98 and its two-hundred day simple moving average is $24.77. 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 company has a market cap of $6.67 billion, a P/E ratio of 9.34, a PEG ratio of 2.53 and a beta of 0.89.

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 for the quarter, beating analysts' consensus estimates of $0.66 by $0.09. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. The firm had revenue of $306.23 million during the quarter, compared to analysts' expectations of $306.66 million. During the same period last year, the firm posted $0.65 EPS. The business's revenue was up 4.0% on a year-over-year basis. As a group, analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Investors 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 dividend on an annualized basis and a dividend yield of 1.85%. MGIC Investment's dividend payout ratio is 17.28%.

MGIC Investment declared that its Board of Directors has initiated a stock repurchase plan on Thursday, April 24th that allows the company to repurchase $750.00 million in outstanding 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 often a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other news, EVP Paula C. Maggio sold 20,000 shares of the company'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 transaction, the executive vice president now owns 157,395 shares of the company's stock, valued at $4,169,393.55. This represents a 11.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.41% of the stock is owned by corporate insiders.

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.