Victory Capital Management Inc. Sells 1,984,540 Shares of MGIC Investment Corporation (NYSE:MTG)

Victory Capital Management Inc. decreased its position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 82.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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.

Several other institutional investors also recently added to or reduced their stakes in MTG. First Trust Advisors LP raised its holdings in MGIC Investment by 22.4% during the fourth quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider's stock worth $379,561,000 after purchasing an additional 2,928,595 shares during the last quarter. LSV Asset Management raised its holdings in shares of MGIC Investment by 2.3% in the fourth quarter. LSV Asset Management now owns 10,578,342 shares of the insurance provider's stock worth $250,812,000 after acquiring an additional 235,916 shares during the last quarter. Invesco Ltd. raised its holdings in shares of MGIC Investment by 16.6% in the fourth quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider's stock worth $113,006,000 after acquiring an additional 677,227 shares during the last quarter. Northern Trust Corp raised its holdings in shares of MGIC Investment by 6.5% in the fourth quarter. Northern Trust Corp now owns 4,524,277 shares of the insurance provider's stock worth $107,271,000 after acquiring an additional 277,746 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of MGIC Investment in the fourth quarter worth $85,908,000. Institutional investors and hedge funds own 95.58% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on MTG. Barclays upped their target price on MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Compass Point reiterated a "neutral" rating and issued a $28.00 target price (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Finally, Keefe, Bruyette & Woods upped their target price on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research note on Monday, July 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, MGIC Investment currently has an average rating of "Hold" and a consensus price target of $26.88.

MGIC Investment Trading Up 0.3%

Shares of MGIC Investment stock traded up $0.07 on Friday, hitting $25.63. 1,660,279 shares of the company's stock traded hands, compared to its average volume of 2,499,299. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.25 and a quick ratio of 1.25. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $28.67. The firm's 50-day moving average price is $26.58 and its two-hundred day moving average price is $25.16. The stock has a market capitalization of $6.09 billion, a PE ratio of 8.51, a price-to-earnings-growth ratio of 2.74 and a beta of 0.89.

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

MGIC Investment Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, August 7th. 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 2.34%. MGIC Investment's payout ratio is presently 17.28%.

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 purchase up to 12.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In related news, EVP Paula C. Maggio sold 20,000 shares of the company'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 sale, the executive vice president directly owned 157,395 shares in the company, valued at approximately $4,169,393.55. This represents a 11.27% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.05% of the company's stock.

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.