Squarepoint Ops LLC Buys 399,397 Shares of MGIC Investment Co. (NYSE:MTG)

Squarepoint Ops LLC raised its stake in MGIC Investment Co. (NYSE:MTG) by 423.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 493,749 shares of the insurance provider’s stock after buying an additional 399,397 shares during the period. Squarepoint Ops LLC’s holdings in MGIC Investment were worth $11,707,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. UMB Bank n.a. raised its stake 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 valued at $39,000 after acquiring an additional 938 shares in the last quarter. Venturi Wealth Management LLC increased its holdings 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 position in 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 purchasing an additional 794 shares in the last quarter. Physician Wealth Advisors Inc. bought a new position in shares of MGIC Investment during the 4th quarter worth $54,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of MGIC Investment by 21.9% during the fourth 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.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Compass Point reissued a “neutral” rating and set a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a research report 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. Barclays upped their target price on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, UBS Group lifted their price target on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $26.50.

MGIC Investment Price Performance

NYSE MTG opened at $26.13 on Friday. The firm’s fifty day simple moving average is $24.74 and its two-hundred day simple moving average is $24.56. The firm has a market capitalization of $6.20 billion, a P/E ratio of 9.01 and a beta of 0.91. 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 $26.92.

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 firm had revenue of $306.23 million for the quarter, compared to the consensus estimate of $306.66 million. During the same period in the previous year, the business earned $0.65 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. Analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were issued a dividend of $0.13 per share. The ex-dividend date was Thursday, May 8th. This represents a $0.52 annualized dividend and a dividend yield of 1.99%. MGIC Investment’s dividend payout ratio (DPR) is currently 17.28%.

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

About MGIC Investment

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.