Crestline Management LP Sells 744 Shares of MGIC Investment Co. (NYSE:MTG)

Crestline Management LP cut its stake in MGIC Investment Co. (NYSE:MTG) by 6.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,508 shares of the insurance provider’s stock after selling 744 shares during the quarter. Crestline Management LP’s holdings in MGIC Investment were worth $249,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Ritholtz Wealth Management increased its stake in MGIC Investment by 13.4% during the 4th quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider’s stock worth $2,174,000 after purchasing an additional 10,864 shares in the last quarter. Janney Montgomery Scott LLC increased its stake 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 worth $958,000 after purchasing an additional 10,130 shares in the last quarter. Asset Management One Co. Ltd. increased its stake in MGIC Investment by 311.0% during the 4th 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 in the last quarter. Empowered Funds LLC bought a new stake in MGIC Investment during the 4th quarter worth approximately $1,166,000. Finally, Allianz Asset Management GmbH increased its stake in MGIC Investment by 8.2% during the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock worth $130,289,000 after purchasing an additional 415,586 shares in the last quarter. 95.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MTG. Compass Point reissued a “neutral” rating and set a $27.00 target price (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Barclays increased their target price on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. UBS Group increased their target price on MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of MGIC Investment from $28.00 to $26.00 and set a “market perform” rating for the company in a research note on Tuesday, April 8th. One equities research 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $26.50.

MGIC Investment Price Performance

Shares of MTG opened at $26.22 on Monday. The stock has a market capitalization of $6.23 billion, a P/E ratio of 9.04 and a beta of 0.91. MGIC Investment Co. has a twelve month low of $20.11 and a twelve month high of $26.59. The company has a 50 day moving average of $24.15 and a 200-day moving average of $24.45. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share 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 business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the business earned $0.65 EPS. As a group, equities research analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Thursday, May 8th. MGIC Investment’s payout ratio is presently 17.28%.

MGIC Investment announced that its board has approved a stock repurchase plan on Thursday, April 24th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to reacquire up to 12.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction that occurred 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 approximately $1,842,968.50. This represents a 5.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.05% of the stock is currently owned by insiders.

About MGIC Investment

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.