Vestcor Inc Has $1.11 Million Holdings in MGIC Investment Corporation (NYSE:MTG)

Key Points

• Vestcor Inc increased its stake in MGIC Investment Corporation by 61.9%, owning a total of 44,648 shares worth approximately $1.1 million.
• MGIC Investment recently announced a quarterly dividend of $0.15, marking an increase from its previous dividend, and representing a 2.3% yield.
• Analysts have raised their price targets for MGIC Investment, with a consensus target of $26.88 and ratings ranging from sell to buy; overall, the stock has an average rating of "Hold."

Vestcor Inc boosted its stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 61.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,648 shares of the insurance provider's stock after purchasing an additional 17,062 shares during the quarter. Vestcor Inc's holdings in MGIC Investment were worth $1,106,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pictet Asset Management Holding SA grew its stake in shares of MGIC Investment by 8.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 41,327 shares of the insurance provider's stock valued at $980,000 after acquiring an additional 3,249 shares in the last quarter. Franklin Resources Inc. lifted its position in MGIC Investment by 1.6% during the fourth quarter. Franklin Resources Inc. now owns 1,647,936 shares of the insurance provider's stock worth $39,072,000 after purchasing an additional 26,098 shares during the period. Integrated Quantitative Investments LLC bought a new stake in MGIC Investment during the fourth quarter worth about $797,000. Wells Fargo & Company MN lifted its position in MGIC Investment by 14.8% during the fourth quarter. Wells Fargo & Company MN now owns 90,987 shares of the insurance provider's stock worth $2,157,000 after purchasing an additional 11,721 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in MGIC Investment by 5.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 74,279 shares of the insurance provider's stock worth $1,761,000 after purchasing an additional 3,715 shares during the period. 95.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

MTG has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upped their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research report on Monday, July 7th. Compass Point reissued a "neutral" rating and issued a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Finally, Barclays increased their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $26.43.

MGIC Investment Trading Up 0.7%

Shares of MGIC Investment stock traded up $0.20 on Tuesday, hitting $26.92. The stock had a trading volume of 632,479 shares, compared to its average volume of 2,186,547. The stock has a 50 day moving average of $26.51 and a 200 day moving average of $25.28. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $28.67. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46. The firm has a market capitalization of $6.20 billion, a P/E ratio of 8.83, a PEG ratio of 1.95 and a beta of 0.90.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.12. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%. The company had revenue of $304.25 million during the quarter, compared to the consensus estimate of $306.25 million. During the same quarter in the prior year, the firm posted $0.77 earnings per share. The firm's revenue was down .3% compared to the same quarter last year. Sell-side analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be paid a $0.15 dividend. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Thursday, August 7th. MGIC Investment's payout ratio is currently 19.67%.

MGIC Investment announced that its board has authorized a share repurchase plan on Thursday, April 24th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the insurance provider to reacquire up to 12.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board believes its stock is undervalued.

Insider Activity at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the completion of the sale, the executive vice president owned 157,395 shares of the company's stock, valued at approximately $4,169,393.55. This represents a 11.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $26.22, for a total transaction of $786,600.00. Following the sale, the chief operating officer directly owned 249,401 shares of the company's stock, valued at $6,539,294.22. This represents a 10.74% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.05% of the company's stock.

MGIC Investment 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.