Sequoia Financial Advisors LLC Boosts Stock Holdings in MGIC Investment Corporation $MTG

Sequoia Financial Advisors LLC lifted its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 155.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,845 shares of the insurance provider’s stock after acquiring an additional 35,225 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in MGIC Investment were worth $1,690,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Compound Planning Inc. increased its position in shares of MGIC Investment by 5.3% during the third quarter. Compound Planning Inc. now owns 7,788 shares of the insurance provider’s stock worth $221,000 after acquiring an additional 389 shares during the period. SBI Securities Co. Ltd. increased its stake in shares of MGIC Investment by 61.1% during the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock worth $30,000 after buying an additional 395 shares during the period. Waddell & Associates LLC increased its stake in shares of MGIC Investment by 5.3% during the third quarter. Waddell & Associates LLC now owns 8,090 shares of the insurance provider’s stock worth $230,000 after buying an additional 410 shares during the period. Clearstead Advisors LLC increased its stake in shares of MGIC Investment by 24.7% during the third quarter. Clearstead Advisors LLC now owns 2,209 shares of the insurance provider’s stock worth $63,000 after buying an additional 438 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. increased its stake in shares of MGIC Investment by 58.0% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,365 shares of the insurance provider’s stock worth $38,000 after buying an additional 501 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Weiss Ratings lowered shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. Barclays cut their target price on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Keefe, Bruyette & Woods increased their target price on MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a report on Friday, April 10th. Finally, UBS Group dropped their target price on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, March 12th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $28.25.

Insider Activity at MGIC Investment

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,202 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.49, for a total value of $3,687,460.98. Following the transaction, the chief executive officer directly owned 1,118,005 shares in the company, valued at $29,615,952.45. This represents a 11.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 10,931 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $26.25, for a total value of $286,938.75. Following the transaction, the chief operating officer directly owned 590,951 shares in the company, valued at approximately $15,512,463.75. The trade was a 1.82% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.34% of the company’s stock.

MGIC Investment Stock Performance

Shares of MGIC Investment stock opened at $26.06 on Tuesday. The firm has a market capitalization of $5.51 billion, a P/E ratio of 8.27, a P/E/G ratio of 1.63 and a beta of 0.71. MGIC Investment Corporation has a 52 week low of $24.77 and a 52 week high of $29.97. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average is $26.87 and its two-hundred day moving average is $27.47.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.73 by $0.03. The company had revenue of $297.08 million for the quarter, compared to analyst estimates of $303.12 million. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The firm’s revenue was down 3.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.75 earnings per share. Research analysts forecast that MGIC Investment Corporation will post 3.07 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.3%. The ex-dividend date is Wednesday, May 6th. MGIC Investment’s dividend payout ratio is currently 19.05%.

MGIC Investment declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 23rd that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 12.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.