Voya Investment Management LLC Buys 221,016 Shares of MGIC Investment Co. (NYSE:MTG)

Voya Investment Management LLC grew its position in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 36.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 829,398 shares of the insurance provider's stock after acquiring an additional 221,016 shares during the quarter. Voya Investment Management LLC owned about 0.33% of MGIC Investment worth $19,665,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. UMB Bank n.a. raised 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 acquiring an additional 938 shares during the period. Venturi Wealth Management LLC boosted its position in shares of MGIC Investment by 102.1% in the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock worth $43,000 after buying an additional 918 shares during the period. V Square Quantitative Management LLC grew its stake in shares of MGIC Investment by 61.9% in the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock valued at $49,000 after buying an additional 794 shares in the last quarter. Physician Wealth Advisors Inc. acquired a new position in MGIC Investment during the 4th quarter worth approximately $54,000. Finally, EverSource Wealth Advisors LLC grew its holdings in MGIC Investment by 21.9% during 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. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Julie K. Sperber sold 4,600 shares of the firm's stock in a transaction 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 completion of the sale, the chief accounting officer now owns 75,070 shares of the company's stock, valued at $1,842,968.50. This trade represents a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.05% of the stock is currently owned by company insiders.

MGIC Investment Stock Performance

MTG traded up $0.85 during trading on Friday, reaching $26.16. 608,716 shares of the company were exchanged, compared to its average volume of 1,802,870. The firm has a 50 day moving average of $23.91 and a 200 day moving average of $24.45. The stock has a market cap of $6.34 billion, a P/E ratio of 9.02 and a beta of 0.93. 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 52 week low of $20.02 and a 52 week high of $26.56.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. The company had revenue of $306.23 million during 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%. The firm's quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.65 EPS. On average, sell-side analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

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

MGIC Investment Announces Dividend

The business also recently declared 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. 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 dividend payout ratio is currently 17.28%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. UBS Group lifted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Compass Point reiterated a "neutral" rating and issued a $27.00 price target (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. 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, Keefe, Bruyette & Woods decreased 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, MGIC Investment currently has an average rating of "Hold" and a consensus target price of $26.50.

MGIC Investment Company 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.