Wedge Capital Management L L P NC Has $2.42 Million Stock Position in MGIC Investment Co. (NYSE:MTG)

Wedge Capital Management L L P NC raised its holdings in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 13.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 97,704 shares of the insurance provider's stock after purchasing an additional 11,847 shares during the period. Wedge Capital Management L L P NC's holdings in MGIC Investment were worth $2,421,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MTG. EverSource Wealth Advisors LLC boosted its position in shares of MGIC Investment by 21.9% during the fourth 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 in the last quarter. Xponance Inc. lifted its stake in MGIC Investment by 1.3% in the fourth quarter. Xponance Inc. now owns 35,320 shares of the insurance provider's stock valued at $837,000 after buying an additional 442 shares in the last quarter. ProShare Advisors LLC boosted its holdings in shares of MGIC Investment by 4.9% in the fourth 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 during the period. Nations Financial Group Inc. IA ADV boosted its holdings in shares of MGIC Investment by 1.6% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider's stock valued at $897,000 after buying an additional 579 shares during the period. Finally, US Bancorp DE increased its position in shares of MGIC Investment by 6.2% during the fourth quarter. US Bancorp DE now owns 10,249 shares of the insurance provider's stock worth $243,000 after acquiring an additional 600 shares in the last quarter. 95.58% of the stock is owned by institutional investors.

MGIC Investment Stock Performance

MTG stock traded up $0.29 during trading hours on Wednesday, hitting $26.52. 2,361,771 shares of the stock were exchanged, compared to its average volume of 1,795,608. The company has a 50-day simple moving average of $25.25 and a two-hundred day simple moving average of $24.70. The firm has a market capitalization of $6.30 billion, a P/E ratio of 9.14 and a beta of 0.89. MGIC Investment Co. has a 12 month low of $20.35 and a 12 month high of $26.92. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly 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 analysts' expectations of $306.66 million. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. The firm's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 earnings per share. On average, analysts forecast that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment declared that its Board of Directors has initiated a share buyback program on Thursday, April 24th that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the insurance provider to reacquire up to 12.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were paid a $0.13 dividend. The ex-dividend date was Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.96%. 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 the company's stock in a transaction dated 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 in the company, valued at approximately $4,169,393.55. The trade was a 11.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.41% of the company's stock.

Wall Street Analyst Weigh In

MTG has been the subject of a number of research analyst reports. 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 note on Friday, May 23rd. Keefe, Bruyette & Woods dropped their target price on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a research report 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 research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $26.63.

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.