Squarepoint Ops LLC Increases Stake in MGIC Investment Co. (NYSE:MTG)

Squarepoint Ops LLC grew its stake in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 423.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 493,749 shares of the insurance provider's stock after buying an additional 399,397 shares during the period. Squarepoint Ops LLC owned 0.19% of MGIC Investment worth $11,707,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. UMB Bank n.a. increased its holdings in MGIC Investment by 131.9% in the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock valued at $39,000 after acquiring an additional 938 shares during the last quarter. Venturi Wealth Management LLC grew its position in shares of MGIC Investment by 102.1% during the fourth 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 lifted its position in shares of 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 worth $49,000 after buying an additional 794 shares in the last quarter. Physician Wealth Advisors Inc. bought a new position in MGIC Investment during the fourth quarter valued at approximately $54,000. Finally, EverSource Wealth Advisors LLC boosted its stake in MGIC Investment by 21.9% during 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. Hedge funds and other institutional investors own 95.58% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MTG. Keefe, Bruyette & Woods decreased their price objective 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. Barclays increased their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. UBS Group lifted their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Finally, Compass Point restated a "neutral" rating and set a $27.00 target price (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, MGIC Investment has an average rating of "Hold" and an average target price of $26.50.

MGIC Investment Trading Up 0.6%

MTG stock opened at $26.13 on Friday. MGIC Investment Co. has a twelve month low of $20.11 and a twelve month high of $26.92. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of 9.01 and a beta of 0.91. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. The firm's fifty day simple moving average is $24.74 and its two-hundred day simple moving average is $24.56.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.66 by $0.09. The company had revenue of $306.23 million for the quarter, compared to the consensus estimate of $306.66 million. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The firm's revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.65 EPS. As a group, analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 annualized dividend and a dividend yield of 1.99%. MGIC Investment's payout ratio is 17.28%.

MGIC Investment declared that its Board of Directors has approved a stock buyback 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 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.

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