MGIC Investment Corporation (NYSE:MTG) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 82.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 421,814 shares of the insurance provider's stock after selling 1,984,540 shares during the period. Victory Capital Management Inc. owned 0.17% of MGIC Investment worth $10,453,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Signaturefd LLC increased its position in shares of MGIC Investment by 1.9% during the first quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider's stock valued at $548,000 after acquiring an additional 421 shares in the last quarter. Fifth Third Bancorp boosted 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 acquiring an additional 461 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its stake in shares of MGIC Investment by 1.3% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 41,718 shares of the insurance provider's stock valued at $1,034,000 after buying an additional 524 shares in the last quarter. ProShare Advisors LLC lifted its stake in shares of MGIC Investment by 4.9% during the 4th quarter. ProShare Advisors LLC now owns 11,854 shares of the insurance provider's stock valued at $281,000 after buying an additional 553 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in shares of MGIC Investment by 1.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 40,985 shares of the insurance provider's stock valued at $1,016,000 after buying an additional 587 shares in the last quarter. Institutional investors own 95.58% of the company's stock.

MGIC Investment Stock Down 0.4%

Shares of MTG traded down $0.10 during mid-day trading on Monday, hitting $25.53. The company's stock had a trading volume of 2,259,934 shares, compared to its average volume of 2,416,359. The company's 50-day moving average is $26.53 and its 200-day moving average is $25.21. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week high of $28.67. The firm has a market capitalization of $6.06 billion, a price-to-earnings ratio of 8.48, a PEG ratio of 2.75 and a beta of 0.89. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.09. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The firm had revenue of $306.23 million during the quarter, compared to analysts' expectations of $306.66 million. During the same quarter in the prior year, the company earned $0.65 EPS. The company's revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment declared that its Board of Directors has initiated a share buyback plan on Thursday, April 24th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to buy up to 12.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 7th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Thursday, August 7th. This is a positive change from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's payout ratio is 17.28%.

Insider Activity at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of the business's 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 transaction, the executive vice president owned 157,395 shares in the company, valued at $4,169,393.55. The trade was a 11.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Keefe, Bruyette & Woods lifted their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a report on Monday, July 7th. Compass Point reaffirmed a "neutral" rating and set a $28.00 price target (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Finally, Barclays boosted their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $26.88.

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.