Vestcor Inc Boosts Position in MGIC Investment Corporation (NYSE:MTG)

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

A number of other institutional investors have also modified their holdings of the stock. Cullen Frost Bankers Inc. purchased a new stake in MGIC Investment during the first quarter worth $33,000. Golden State Wealth Management LLC increased its holdings in shares of MGIC Investment by 7,837.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock valued at $53,000 after acquiring an additional 2,116 shares during the period. UMB Bank n.a. raised its position in shares of MGIC Investment by 61.3% in the 1st quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock worth $66,000 after acquiring an additional 1,011 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of MGIC Investment by 20.1% during the 1st quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after purchasing an additional 461 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in MGIC Investment by 262.0% during the first quarter. Versant Capital Management Inc now owns 4,811 shares of the insurance provider's stock valued at $119,000 after purchasing an additional 3,482 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MTG has been the subject of several recent analyst reports. Keefe, Bruyette & Woods boosted 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 note on Monday, July 7th. Barclays upped their price target on MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Compass Point reissued a "neutral" rating and issued a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, MGIC Investment has an average rating of "Hold" and a consensus price target of $26.88.

Insider Activity

In related news, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction 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 sale, the executive vice president owned 157,395 shares in the company, valued at approximately $4,169,393.55. This trade represents a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.05% of the stock is currently owned by corporate insiders.

MGIC Investment Stock Performance

MTG opened at $26.27 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $28.67. The firm has a 50 day moving average of $26.50 and a two-hundred day moving average of $25.25. The firm has a market capitalization of $6.24 billion, a PE ratio of 8.61, a P/E/G ratio of 2.78 and a beta of 0.89.

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

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 7th will be paid a $0.15 dividend. The ex-dividend date is Thursday, August 7th. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's dividend payout ratio (DPR) is presently 19.67%.

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

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.

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