Quantinno Capital Management LP Purchases 78,947 Shares of MGIC Investment Co. (NYSE:MTG)

Quantinno Capital Management LP raised its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 75.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 183,339 shares of the insurance provider’s stock after buying an additional 78,947 shares during the period. Quantinno Capital Management LP’s holdings in MGIC Investment were worth $4,347,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Janney Montgomery Scott LLC boosted its holdings in MGIC Investment by 33.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider’s stock valued at $958,000 after acquiring an additional 10,130 shares during the period. Asset Management One Co. Ltd. lifted its position in shares of MGIC Investment by 311.0% during the fourth quarter. Asset Management One Co. Ltd. now owns 66,493 shares of the insurance provider’s stock worth $1,575,000 after purchasing an additional 50,316 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of MGIC Investment during the fourth quarter valued at $1,166,000. Allianz Asset Management GmbH boosted its stake in shares of MGIC Investment by 8.2% during the fourth quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock valued at $130,289,000 after purchasing an additional 415,586 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in shares of MGIC Investment by 14.8% in the fourth quarter. Wells Fargo & Company MN now owns 90,987 shares of the insurance provider’s stock worth $2,157,000 after purchasing an additional 11,721 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Trading Up 2.1%

NYSE:MTG opened at $26.90 on Monday. The firm has a 50-day simple moving average of $24.45 and a 200-day simple moving average of $24.49. MGIC Investment Co. has a one year low of $20.11 and a one year high of $26.92. The firm has a market cap of $6.39 billion, a P/E ratio of 9.28 and a beta of 0.91. 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) last issued its quarterly earnings data 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 company had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. MGIC Investment’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 firm posted $0.65 earnings per share. Equities analysts anticipate that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

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

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 21st. Investors of record on Thursday, May 8th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date is Thursday, May 8th. MGIC Investment’s dividend payout ratio (DPR) is currently 17.28%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Barclays lifted their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Compass Point reaffirmed a “neutral” rating and set a $27.00 target price (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. UBS Group lifted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods dropped 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $26.50.

Insider Buying and Selling

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the business’s stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 75,070 shares in the company, valued at approximately $1,842,968.50. The trade was a 5.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.05% of the stock is currently owned by company insiders.

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.