Vest Financial LLC Decreases Position in MGIC Investment Co. (NYSE:MTG)

Vest Financial LLC reduced its holdings in MGIC Investment Co. (NYSE:MTG - Free Report) by 90.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 135,790 shares of the insurance provider's stock after selling 1,349,350 shares during the period. Vest Financial LLC owned about 0.06% of MGIC Investment worth $3,365,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Venturi Wealth Management LLC grew its stake in shares of MGIC Investment by 102.1% during the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock worth $43,000 after purchasing an additional 918 shares during the period. V Square Quantitative Management LLC grew its holdings 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 valued at $49,000 after purchasing an additional 794 shares during the period. Physician Wealth Advisors Inc. acquired a new position in MGIC Investment in the fourth quarter valued at approximately $54,000. EverSource Wealth Advisors LLC grew its holdings in shares of MGIC Investment by 21.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock worth $55,000 after purchasing an additional 419 shares during the period. Finally, Versant Capital Management Inc raised its stake 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. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Stock Up 0.7%

Shares of MGIC Investment stock traded up $0.19 during trading hours on Tuesday, hitting $26.24. The company had a trading volume of 996,143 shares, compared to its average volume of 1,791,332. The company has a market cap of $6.23 billion, a P/E ratio of 9.05 and a beta of 0.89. 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 twelve month low of $20.35 and a twelve month high of $26.92. The company's 50-day moving average is $25.25 and its two-hundred day moving average is $24.70.

MGIC Investment (NYSE:MTG - Get Free Report) last issued 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 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%. MGIC Investment's revenue for the quarter was up 4.0% on a year-over-year basis. During the same period last year, the firm posted $0.65 EPS. Analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

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

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's payout ratio is currently 17.28%.

Insider Transactions at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction that occurred 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 sale, the executive vice president now owns 157,395 shares of the company's stock, valued at approximately $4,169,393.55. The trade was a 11.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MTG. Compass Point reaffirmed a "neutral" rating and issued a $28.00 target price (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Keefe, Bruyette & Woods cut 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. Finally, UBS Group upped their price target on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. One research 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 MarketBeat, the company has a consensus rating of "Hold" and a consensus target price 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.