MGIC Investment Co. (NYSE:MTG) Position Boosted by Squarepoint Ops LLC

Squarepoint Ops LLC raised its stake in MGIC Investment Co. (NYSE:MTG - Free Report) by 423.3% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 493,749 shares of the insurance provider's stock after buying an additional 399,397 shares during the quarter. Squarepoint Ops LLC owned approximately 0.19% of MGIC Investment worth $11,707,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in MTG. UMB Bank n.a. lifted its stake in MGIC Investment by 131.9% in the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock valued at $39,000 after buying an additional 938 shares during the last quarter. Venturi Wealth Management LLC lifted its stake in MGIC Investment by 102.1% in the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock valued at $43,000 after buying an additional 918 shares during the last quarter. V Square Quantitative Management LLC lifted its stake in 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 buying an additional 794 shares during the last quarter. Physician Wealth Advisors Inc. bought a new stake in MGIC Investment in the fourth quarter valued at $54,000. Finally, EverSource Wealth Advisors LLC lifted its stake in MGIC Investment by 21.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock valued at $55,000 after buying an additional 419 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Trading Down 0.4%

MTG traded down $0.11 during trading on Wednesday, reaching $26.52. The company had a trading volume of 307,747 shares, compared to its average volume of 1,793,652. The firm's 50-day simple moving average is $24.91 and its 200 day simple moving average is $24.60. The company has a market cap of $6.30 billion, a price-to-earnings ratio of 9.15 and a beta of 0.91. MGIC Investment Co. has a 12-month low of $20.11 and a 12-month 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 issued its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share 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 analysts' expectations of $306.66 million. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. MGIC Investment's revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the business posted $0.65 EPS. Equities research analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment declared that its board has authorized a stock buyback plan on Thursday, April 24th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 12.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

MGIC Investment Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on MTG. Compass Point restated a "neutral" rating and set a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. UBS Group lifted their target price on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Barclays lifted their target price on MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Finally, Keefe, Bruyette & Woods lowered 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 investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock 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.