MGIC Investment Corporation $MTG Shares Sold by James Investment Research Inc.

James Investment Research Inc. lessened its holdings in MGIC Investment Corporation (NYSE:MTG) by 38.9% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 58,194 shares of the insurance provider’s stock after selling 37,106 shares during the quarter. James Investment Research Inc.’s holdings in MGIC Investment were worth $1,528,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Newbridge Financial Services Group Inc. purchased a new stake in MGIC Investment during the 3rd quarter worth about $28,000. V Square Quantitative Management LLC purchased a new position in shares of MGIC Investment in the 4th quarter valued at about $36,000. SBI Securities Co. Ltd. raised its position in shares of MGIC Investment by 40.3% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 420 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of MGIC Investment by 88.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 817 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in MGIC Investment during the fourth quarter worth approximately $79,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Performance

Shares of MGIC Investment stock opened at $28.16 on Thursday. The firm’s fifty day simple moving average is $26.52 and its 200-day simple moving average is $26.99. The stock has a market capitalization of $5.96 billion, a price-to-earnings ratio of 8.94, a PEG ratio of 1.94 and a beta of 0.67. MGIC Investment Corporation has a 12 month low of $24.69 and a 12 month high of $29.97. 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 results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $303.12 million. During the same quarter in the prior year, the firm earned $0.75 EPS. MGIC Investment’s revenue for the quarter was down 3.0% on a year-over-year basis. As a group, equities analysts forecast that MGIC Investment Corporation will post 3.05 earnings per share for the current year.

MGIC Investment announced that its board has approved a stock buyback program on Thursday, April 23rd that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the insurance provider to reacquire up to 12.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were paid a dividend of $0.15 per share. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. MGIC Investment’s dividend payout ratio is 19.05%.

Insider Activity

In related news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction of $761,400.00. Following the transaction, the chief operating officer owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This trade represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.55, for a total value of $534,940.35. Following the completion of the transaction, the executive vice president owned 169,620 shares in the company, valued at $4,333,791. This trade represents a 10.99% 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. 1.34% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on MTG shares. Royal Bank Of Canada started coverage on MGIC Investment in a report on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 price target for the company. 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 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 stock a “market perform” rating in a research report on Friday, April 10th. Barclays lowered their target price on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of MGIC Investment in a research report on Monday, June 15th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $28.25.

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.