MGIC Investment Corporation $MTG Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd lowered its position in MGIC Investment Corporation (NYSE:MTG) by 16.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,815 shares of the insurance provider’s stock after selling 25,046 shares during the quarter. Y Intercept Hong Kong Ltd owned 0.06% of MGIC Investment worth $3,355,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MTG. Newbridge Financial Services Group Inc. acquired a new stake in shares of MGIC Investment in the 3rd quarter worth approximately $28,000. V Square Quantitative Management LLC bought a new stake in MGIC Investment during the fourth quarter worth approximately $36,000. SBI Securities Co. Ltd. grew its position in MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after buying an additional 420 shares during the last quarter. Geneos Wealth Management Inc. grew its position in MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after buying an additional 817 shares during the last quarter. Finally, Root Financial Partners LLC increased its holdings in shares of MGIC Investment by 100.7% in the first quarter. Root Financial Partners LLC now owns 3,022 shares of the insurance provider’s stock valued at $79,000 after buying an additional 1,516 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on MTG. Barclays decreased their target price on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Weiss Ratings reissued a “buy (b)” rating on shares of MGIC Investment in a research report on Monday, June 15th. Royal Bank Of Canada initiated coverage on shares of MGIC Investment in a research report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price objective on the stock. Keefe, Bruyette & Woods increased their price objective on MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a report on Friday, April 10th. Finally, UBS Group lowered their target price on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, March 12th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $28.25.

Insider Buying and Selling at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,937 shares of MGIC Investment stock in a transaction dated Friday, May 29th. The stock was 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 directly owned 169,620 shares of the company’s stock, valued at $4,333,791. The trade was a 10.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the completion of the sale, the chief operating officer owned 560,951 shares of the company’s stock, valued at $14,236,936.38. The trade was a 5.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.34% of the stock is currently owned by corporate insiders.

MGIC Investment Price Performance

Shares of MGIC Investment stock traded up $0.22 during mid-day trading on Tuesday, reaching $28.43. 263,261 shares of the stock were exchanged, compared to its average volume of 2,079,422. The company has a market cap of $6.01 billion, a price-to-earnings ratio of 9.02, a price-to-earnings-growth ratio of 1.95 and a beta of 0.67. 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 50-day simple moving average of $26.52 and a 200 day simple moving average of $26.98. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $29.97.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. The firm had revenue of $297.08 million for the quarter, compared to analysts’ expectations of $303.12 million. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The company’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 earnings per share. On average, sell-side analysts predict that MGIC Investment Corporation will post 3.05 EPS for the current fiscal year.

MGIC Investment Announces Dividend

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

MGIC Investment announced that its Board of Directors has approved a share buyback program on Thursday, April 23rd that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to repurchase up to 12.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.