MGIC Investment Co. (NYSE:MTG) Shares Sold by Redwood Investment Management LLC

Redwood Investment Management LLC lowered its position in MGIC Investment Co. (NYSE:MTG) by 12.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 228,185 shares of the insurance provider’s stock after selling 32,252 shares during the period. MGIC Investment makes up approximately 0.5% of Redwood Investment Management LLC’s investment portfolio, making the stock its 25th largest holding. Redwood Investment Management LLC owned 0.09% of MGIC Investment worth $5,410,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. UMB Bank n.a. raised its holdings in shares of MGIC Investment by 131.9% during the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 938 shares during the last quarter. Venturi Wealth Management LLC grew its position in MGIC Investment by 102.1% during the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 918 shares during the period. V Square Quantitative Management LLC raised its stake in shares of MGIC Investment by 61.9% during the 4th quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock valued at $49,000 after buying an additional 794 shares during the last quarter. Physician Wealth Advisors Inc. acquired a new position in shares of MGIC Investment in the 4th quarter valued at about $54,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of MGIC Investment by 21.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock valued at $55,000 after buying an additional 419 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the transaction, the chief accounting officer now owns 75,070 shares in the company, valued at $1,842,968.50. This represents a 5.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.05% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on MTG. UBS Group raised their target price on MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Compass Point restated a “neutral” rating and issued a $27.00 price objective (up previously from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Keefe, Bruyette & Woods dropped their price objective on shares of MGIC Investment from $28.00 to $26.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 8th. Finally, Barclays boosted their target price 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. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, MGIC Investment currently has a consensus rating of “Hold” and an average price target of $26.50.

MGIC Investment Stock Performance

Shares of MTG stock opened at $26.21 on Thursday. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. MGIC Investment Co. has a 12-month low of $20.11 and a 12-month high of $26.91. The business’s 50 day moving average is $24.31 and its two-hundred day moving average is $24.48. The company has a market capitalization of $6.22 billion, a P/E ratio of 9.04 and a beta of 0.91.

MGIC Investment (NYSE:MTG) last announced its 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. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. The business had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. During the same period in the prior year, the company posted $0.65 EPS. The business’s quarterly revenue was up 4.0% on a year-over-year basis. Analysts expect that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

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

MGIC Investment Announces Dividend

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

MGIC Investment 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.