Wells Fargo & Company MN grew its position in MGIC Investment Co. (NYSE:MTG - Free Report) by 14.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 90,987 shares of the insurance provider's stock after purchasing an additional 11,721 shares during the period. Wells Fargo & Company MN's holdings in MGIC Investment were worth $2,157,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Barclays PLC raised its stake in shares of MGIC Investment by 75.1% during the 3rd quarter. Barclays PLC now owns 457,706 shares of the insurance provider's stock worth $11,716,000 after buying an additional 196,252 shares during the period. World Investment Advisors LLC acquired a new position in MGIC Investment during the third quarter worth $619,000. Franklin Resources Inc. lifted its holdings in MGIC Investment by 6.5% during the third quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider's stock valued at $41,836,000 after purchasing an additional 98,369 shares in the last quarter. DGS Capital Management LLC grew its position in shares of MGIC Investment by 6.2% in the third quarter. DGS Capital Management LLC now owns 85,797 shares of the insurance provider's stock valued at $2,196,000 after purchasing an additional 4,974 shares during the period. Finally, Nordea Investment Management AB increased its stake in shares of MGIC Investment by 4.5% during the fourth quarter. Nordea Investment Management AB now owns 424,767 shares of the insurance provider's stock worth $10,114,000 after purchasing an additional 18,399 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.
MGIC Investment Stock Up 2.4 %
Shares of NYSE MTG traded up $0.60 during mid-day trading on Thursday, hitting $25.51. The company had a trading volume of 258,501 shares, compared to its average volume of 1,800,066. The business's 50-day simple moving average is $23.88 and its 200 day simple moving average is $24.45. 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 company has a market capitalization of $6.19 billion, a PE ratio of 8.79 and a beta of 0.93. MGIC Investment Co. has a 1-year low of $20.02 and a 1-year high of $26.56.
MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.66 by $0.09. The company had revenue of $306.23 million during 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 firm's revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.65 EPS. On average, analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current year.
MGIC Investment Announces Dividend
The firm also recently disclosed 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 of this dividend is Thursday, May 8th. This represents a $0.52 annualized dividend and a dividend yield of 2.04%. MGIC Investment's dividend payout ratio is currently 17.93%.
MGIC Investment declared that its Board of Directors has approved a share 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 shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the company. Compass Point restated a "neutral" rating and issued a $27.00 price target (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Barclays boosted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Keefe, Bruyette & Woods cut their price objective on shares of 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. Finally, UBS Group boosted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $26.50.
Read Our Latest Stock Analysis on MTG
Insider Transactions at MGIC Investment
In related news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction 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 transaction, the chief accounting officer now directly owns 75,070 shares of the company's stock, valued at $1,842,968.50. This trade represents a 5.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.05% of the company's stock.
MGIC Investment Company Profile
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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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