Northern Trust Corp Buys 277,746 Shares of MGIC Investment Co. (NYSE:MTG)

Northern Trust Corp increased its stake in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 6.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,524,277 shares of the insurance provider's stock after buying an additional 277,746 shares during the quarter. Northern Trust Corp owned 1.79% of MGIC Investment worth $107,271,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its stake in shares of MGIC Investment by 21.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock valued at $55,000 after purchasing an additional 419 shares in the last quarter. Xponance Inc. boosted its position 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. Nations Financial Group Inc. IA ADV grew its stake in MGIC Investment by 1.6% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider's stock worth $897,000 after buying an additional 579 shares during the last quarter. US Bancorp DE increased its holdings 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 buying an additional 600 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of MGIC Investment by 6.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider's stock valued at $248,000 after acquiring an additional 608 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on MTG shares. Compass Point restated a "neutral" rating and set a $27.00 price target (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. UBS Group raised 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 increased their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a research note on Tuesday, April 8th. One 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 company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $26.50.

Insider Activity at MGIC Investment

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the company's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $24.55, for a total value of $112,930.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.05% of the stock is currently owned by corporate insiders.

MGIC Investment Stock Up 3.1 %

Shares of NYSE:MTG opened at $26.09 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. The stock has a market cap of $6.33 billion, a price-to-earnings ratio of 9.00 and a beta of 0.93. The company has a 50 day moving average of $23.95 and a 200-day moving average of $24.44. MGIC Investment Co. has a one year low of $20.11 and a one year high of $26.56.

MGIC Investment (NYSE:MTG - Get Free Report) last released its 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. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The firm had revenue of $306.23 million during the quarter, compared to analyst estimates of $306.66 million. During the same quarter in the previous year, the business earned $0.65 EPS. The business's quarterly revenue was up 4.0% compared to the same quarter last year. On average, sell-side analysts forecast that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, May 8th. This represents a $0.52 annualized dividend and a dividend yield of 1.99%. MGIC Investment's payout ratio is currently 17.28%.

MGIC Investment announced that its board has approved a share buyback plan on Thursday, April 24th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 12.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

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.

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