MGIC Investment Corporation (NYSE:MTG) Shares Sold by South Dakota Investment Council

South Dakota Investment Council decreased its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 44.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 237,755 shares of the insurance provider's stock after selling 187,494 shares during the period. South Dakota Investment Council owned 0.10% of MGIC Investment worth $5,892,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MTG. KBC Group NV boosted its stake in MGIC Investment by 10.2% during the 1st quarter. KBC Group NV now owns 11,417 shares of the insurance provider's stock worth $283,000 after purchasing an additional 1,060 shares during the last quarter. GAMMA Investing LLC increased its stake in MGIC Investment by 39.1% during the first quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider's stock worth $150,000 after purchasing an additional 1,705 shares during the period. Cerity Partners LLC increased its stake in MGIC Investment by 59.2% during the first quarter. Cerity Partners LLC now owns 78,307 shares of the insurance provider's stock worth $1,940,000 after purchasing an additional 29,104 shares during the period. Allspring Global Investments Holdings LLC increased its stake in MGIC Investment by 50.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider's stock worth $406,000 after purchasing an additional 5,393 shares during the period. Finally, Golden State Wealth Management LLC increased its stake in shares of MGIC Investment by 7,837.0% during the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock worth $53,000 after buying an additional 2,116 shares during the period. 95.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on MTG shares. Compass Point reaffirmed a "neutral" rating and issued a $28.00 price target (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Keefe, Bruyette & Woods upped their price target on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a report on Monday, July 7th. Finally, Barclays increased their price objective on MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $26.88.

Insider Buying and Selling at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $26.49, for a total value of $529,800.00. Following the completion of the transaction, the executive vice president owned 157,395 shares in the company, valued at $4,169,393.55. This trade represents a 11.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.41% of the stock is currently owned by corporate insiders.

MGIC Investment Stock Performance

Shares of NYSE MTG traded up $0.07 during mid-day trading on Wednesday, hitting $25.79. 479,981 shares of the company were exchanged, compared to its average volume of 1,905,708. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $26.64 and a 200-day simple moving average of $25.12. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $28.67. The firm has a market cap of $6.12 billion, a price-to-earnings ratio of 8.57, a price-to-earnings-growth ratio of 2.74 and a beta of 0.89.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.09. The firm had revenue of $306.23 million during the quarter, compared to analysts' expectations of $306.66 million. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. MGIC Investment's revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.65 earnings per share. On average, sell-side analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.02%. 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 approved a share repurchase program on Thursday, April 24th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the insurance provider to buy up to 12.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management 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.