Hsbc Holdings PLC lifted its position in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 2,492.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 237,014 shares of the insurance provider's stock after purchasing an additional 227,871 shares during the period. Hsbc Holdings PLC owned about 0.09% of MGIC Investment worth $5,633,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in MGIC Investment during the 4th quarter worth $85,908,000. First Trust Advisors LP boosted its stake in shares of 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 buying an additional 2,928,595 shares during the period. Invesco Ltd. boosted its stake in shares of MGIC Investment by 16.6% during the fourth quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider's stock worth $113,006,000 after buying an additional 677,227 shares during the period. Barclays PLC increased its position in MGIC Investment by 123.5% in the 4th quarter. Barclays PLC now owns 1,023,175 shares of the insurance provider's stock valued at $24,260,000 after acquiring an additional 565,469 shares during the period. Finally, Allianz Asset Management GmbH increased its position in MGIC Investment by 8.2% in the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider's stock valued at $130,289,000 after acquiring an additional 415,586 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.
MGIC Investment Price Performance
Shares of MTG traded up $0.78 during trading hours on Friday, reaching $26.09. The company had a trading volume of 2,048,805 shares, compared to its average volume of 1,801,957. 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 Co. has a 12-month low of $20.11 and a 12-month high of $26.56. The firm has a 50 day simple moving average of $23.95 and a 200-day simple moving average of $24.42. The company has a market capitalization of $6.33 billion, a price-to-earnings ratio of 9.00 and a beta of 0.93.
MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.09. The company 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 63.18% and a return on equity of 14.86%. The company's revenue for the quarter was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $0.65 EPS. Research analysts expect that MGIC Investment Co. will post 2.71 earnings per share for the current year.
MGIC Investment announced that its board has approved a stock repurchase plan on Thursday, April 24th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the insurance provider to purchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its shares are undervalued.
MGIC Investment Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.99%. The ex-dividend date is Thursday, May 8th. MGIC Investment's dividend payout ratio (DPR) is 17.28%.
Insider Activity
In related news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total value of $112,930.00. Following the sale, the chief accounting officer now directly owns 75,070 shares of the company's stock, valued at approximately $1,842,968.50. This represents a 5.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.05% of the company's stock.
Analysts Set New Price Targets
Several brokerages have weighed in on MTG. UBS Group lifted their target price on MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Barclays boosted their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Compass Point restated a "neutral" rating and issued a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $26.50.
Check Out Our Latest Analysis on MTG
About MGIC Investment
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Free Report)
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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