Ensign Peak Advisors Inc Sells 5,739 Shares of MGIC Investment Co. (NYSE:MTG)

Ensign Peak Advisors Inc lowered its holdings in MGIC Investment Co. (NYSE:MTG) by 4.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 116,355 shares of the insurance provider’s stock after selling 5,739 shares during the quarter. Ensign Peak Advisors Inc’s holdings in MGIC Investment were worth $2,759,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Barclays PLC grew its stake in MGIC Investment by 75.1% during the third quarter. Barclays PLC now owns 457,706 shares of the insurance provider’s stock valued at $11,716,000 after acquiring an additional 196,252 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in MGIC Investment during the fourth quarter valued at approximately $8,362,000. Ritholtz Wealth Management grew its stake in MGIC Investment by 13.4% during the fourth quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider’s stock valued at $2,174,000 after acquiring an additional 10,864 shares in the last quarter. UMB Bank n.a. grew its stake in MGIC Investment by 131.9% during the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock valued at $39,000 after acquiring an additional 938 shares in the last quarter. Finally, Crossmark Global Holdings Inc. grew its stake in MGIC Investment by 13.5% during the fourth quarter. Crossmark Global Holdings Inc. now owns 61,173 shares of the insurance provider’s stock valued at $1,450,000 after acquiring an additional 7,290 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

Insider Activity

In other news, CAO Julie K. Sperber sold 4,600 shares of the company’s 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.05% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MTG shares. Compass Point reaffirmed a “neutral” rating and set a $27.00 price objective (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Barclays boosted their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Keefe, Bruyette & Woods reduced 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 note on Tuesday, April 8th. Finally, UBS Group boosted their price objective 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $26.50.

MGIC Investment Price Performance

MTG stock opened at $26.36 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. MGIC Investment Co. has a one year low of $20.11 and a one year high of $26.91. The stock has a market cap of $6.26 billion, a PE ratio of 9.09 and a beta of 0.91. The firm has a 50 day simple moving average of $24.37 and a two-hundred day simple moving average of $24.49.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.09. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The business had revenue of $306.23 million during the quarter, compared to analysts’ expectations of $306.66 million. During the same quarter in the previous year, the company earned $0.65 EPS. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, analysts predict that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment announced that its Board of Directors has initiated a share buyback plan on Thursday, April 24th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the insurance provider to reacquire up to 12.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

MGIC Investment Dividend Announcement

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 paid a $0.13 dividend. The ex-dividend date is Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.97%. MGIC Investment’s dividend payout ratio (DPR) is 17.28%.

MGIC Investment Company 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.