MGIC Investment Corporation $MTG is NFC Investments LLC’s Largest Position

NFC Investments LLC lowered its stake in MGIC Investment Corporation (NYSE:MTG) by 1.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,785,378 shares of the insurance provider’s stock after selling 23,001 shares during the period. MGIC Investment makes up approximately 14.7% of NFC Investments LLC’s investment portfolio, making the stock its biggest position. NFC Investments LLC owned 0.80% of MGIC Investment worth $52,169,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MTG. Newbridge Financial Services Group Inc. purchased a new position in MGIC Investment in the third quarter worth about $28,000. SBI Securities Co. Ltd. boosted its stake in 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. V Square Quantitative Management LLC bought a new position in MGIC Investment during the fourth quarter valued at $36,000. Abich Financial Wealth Management LLC bought a new position in MGIC Investment during the third quarter valued at $42,000. Finally, Geneos Wealth Management Inc. increased its position in MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 817 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MTG. Barclays cut their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. UBS Group cut their price objective on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, March 12th. Keefe, Bruyette & Woods boosted their price objective on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, April 10th. Finally, Royal Bank Of Canada began coverage on shares of MGIC Investment in a research report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price objective on the stock. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, MGIC Investment presently has a consensus rating of “Hold” and an average target price of $28.25.

MGIC Investment Stock Up 1.0%

NYSE:MTG opened at $25.80 on Thursday. MGIC Investment Corporation has a 1-year low of $24.69 and a 1-year high of $29.97. The company has a 50-day moving average of $26.64 and a 200 day moving average of $27.16. The firm has a market cap of $5.46 billion, a PE ratio of 8.19, a price-to-earnings-growth ratio of 1.76 and a beta of 0.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The company had revenue of $297.08 million during the quarter, compared to analyst estimates of $303.12 million. During the same period in the prior year, the firm earned $0.75 earnings per share. The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. As a group, research analysts anticipate that MGIC Investment Corporation will post 3.06 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.3%. MGIC Investment’s dividend payout ratio is 19.05%.

MGIC Investment declared that its Board of Directors has approved a share buyback program on Thursday, April 23rd that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to purchase up to 12.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the sale, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 139,202 shares of the business’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.49, for a total transaction of $3,687,460.98. Following the completion of the transaction, the chief executive officer owned 1,118,005 shares of the company’s stock, valued at $29,615,952.45. This represents a 11.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 201,070 shares of company stock valued at $5,270,740 over the last three months. 1.34% of the stock is owned by company insiders.

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.