First Trust Advisors LP Sells 321,789 Shares of MGIC Investment Corporation $MTG

First Trust Advisors LP trimmed its holdings in MGIC Investment Corporation (NYSE:MTG) by 7.0% in the first quarter, HoldingsChannel reports. The fund owned 4,287,529 shares of the insurance provider’s stock after selling 321,789 shares during the period. First Trust Advisors LP’s holdings in MGIC Investment were worth $112,548,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Newbridge Financial Services Group Inc. bought a new position in shares of MGIC Investment during the third quarter valued at about $28,000. V Square Quantitative Management LLC purchased a new position in shares of MGIC Investment in the fourth quarter worth about $36,000. Geneos Wealth Management Inc. lifted its stake in shares of MGIC Investment by 88.0% in the 1st 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. SBI Securities Co. Ltd. lifted its stake in shares of MGIC Investment by 40.3% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 420 shares during the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in MGIC Investment during the 4th quarter valued at about $79,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Down 0.2%

Shares of NYSE MTG opened at $28.99 on Friday. The firm has a fifty day simple moving average of $26.93 and a two-hundred day simple moving average of $26.90. MGIC Investment Corporation has a 12 month low of $24.69 and a 12 month high of $29.97. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $6.13 billion, a PE ratio of 9.20, a price-to-earnings-growth ratio of 2.00 and a beta of 0.67.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, beating 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 firm had revenue of $297.08 million for the quarter, compared to analyst estimates of $303.12 million. During the same quarter in the previous year, the firm posted $0.75 EPS. The company’s revenue for the quarter was down 3.0% compared to the same quarter last year. Equities analysts expect that MGIC Investment Corporation will post 3.05 earnings per share for the current year.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.3%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, August 5th. MGIC Investment’s dividend payout ratio (DPR) is 19.05%.

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MTG shares. Keefe, Bruyette & Woods raised their price target on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday, April 10th. Barclays dropped their price objective on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, July 7th. Finally, Royal Bank Of Canada initiated coverage on shares of MGIC Investment in a research note on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 target price on the stock. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $28.25.

Insider Activity at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the transaction, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. This represents a 10.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the transaction, the chief operating officer owned 560,951 shares in the company, valued at $14,236,936.38. This trade represents a 5.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.34% of the company’s stock.

MGIC Investment 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.