Redwood Investment Management LLC Sells 32,252 Shares of MGIC Investment Co. (NYSE:MTG)

Redwood Investment Management LLC trimmed its position in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 12.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 228,185 shares of the insurance provider's stock after selling 32,252 shares during the period. MGIC Investment makes up approximately 0.5% of Redwood Investment Management LLC's holdings, making the stock its 25th largest holding. Redwood Investment Management LLC owned approximately 0.09% of MGIC Investment worth $5,410,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC grew its stake in shares of MGIC Investment by 75.1% in the 3rd quarter. Barclays PLC now owns 457,706 shares of the insurance provider's stock valued at $11,716,000 after purchasing an additional 196,252 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of MGIC Investment in the 4th quarter valued at approximately $8,362,000. Ritholtz Wealth Management grew its stake in shares of MGIC Investment by 13.4% in the 4th quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider's stock valued at $2,174,000 after purchasing an additional 10,864 shares during the period. UMB Bank n.a. grew its stake in shares of MGIC Investment by 131.9% in the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 938 shares during the period. Finally, Crossmark Global Holdings Inc. grew its stake in shares of MGIC Investment by 13.5% in the 4th quarter. Crossmark Global Holdings Inc. now owns 61,173 shares of the insurance provider's stock valued at $1,450,000 after purchasing an additional 7,290 shares during the period. 95.58% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the company's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $24.55, for a total transaction of $112,930.00. Following the transaction, the chief accounting officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.05% of the company's stock.

MGIC Investment Price Performance

NYSE MTG traded up $0.55 during trading hours on Friday, reaching $26.90. 1,946,564 shares of the company's stock were exchanged, compared to its average volume of 1,802,767. The stock has a market cap of $6.39 billion, a PE ratio of 9.28 and a beta of 0.91. MGIC Investment Co. has a one year low of $20.11 and a one year high of $26.92. The firm has a fifty day moving average of $24.45 and a 200-day moving average of $24.50. 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 released its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. The business had revenue of $306.23 million for the quarter, compared to analyst estimates of $306.66 million. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. MGIC Investment's revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.65 EPS. On average, equities research analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

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

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend is Thursday, May 8th. MGIC Investment's dividend payout ratio is 17.28%.

Wall Street Analyst Weigh In

MTG has been the topic of several analyst reports. UBS Group upped their price objective on MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods lowered their price objective on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 8th. Barclays upped their price objective 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. Finally, Compass Point reiterated 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. One 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, the company currently has an average rating of "Hold" and a consensus target price of $26.50.

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.