BNP Paribas Financial Markets Raises Stock Holdings in MGIC Investment Co. (NYSE:MTG)

BNP Paribas Financial Markets raised its stake in MGIC Investment Co. (NYSE:MTG - Free Report) by 259.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,105,399 shares of the insurance provider's stock after purchasing an additional 797,852 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.44% of MGIC Investment worth $26,209,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its stake in shares of MGIC Investment by 4.2% during the 4th quarter. Ameriprise Financial Inc. now owns 847,457 shares of the insurance provider's stock worth $20,093,000 after buying an additional 34,273 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in MGIC Investment by 292.0% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,072,629 shares of the insurance provider's stock valued at $49,142,000 after purchasing an additional 1,543,908 shares in the last quarter. Lido Advisors LLC bought a new stake in shares of MGIC Investment during the 4th quarter worth $555,000. Northern Trust Corp lifted 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, Aquatic Capital Management LLC acquired a new stake in MGIC Investment in the fourth quarter valued at approximately $235,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Trading Down 0.1 %

NYSE:MTG traded down $0.02 during trading hours on Friday, reaching $26.22. The company's stock had a trading volume of 1,261,942 shares, compared to its average volume of 1,795,847. The firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of 9.04 and a beta of 0.91. MGIC Investment Co. has a 1 year low of $20.11 and a 1 year high of $26.59. The firm has a 50-day simple moving average of $24.15 and a 200-day simple moving average of $24.45. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $306.23 million for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.65 earnings per share. Research analysts expect that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 21st. Investors of record on Thursday, May 8th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Thursday, May 8th. MGIC Investment's dividend payout ratio is currently 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.

Analyst Upgrades and Downgrades

MTG has been the subject of several analyst reports. Keefe, Bruyette & Woods lowered their target price on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a research report on Tuesday, April 8th. Barclays raised their target price on 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 reaffirmed a "neutral" rating and issued a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Finally, 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 report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $26.50.

Insider Transactions at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $24.55, for a total value of $112,930.00. Following the sale, the chief accounting officer now owns 75,070 shares in the company, valued at $1,842,968.50. This represents a 5.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.05% of the company's stock.

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.