Bank of New Hampshire Decreases Position in MGIC Investment Co. (NYSE:MTG)

Bank of New Hampshire cut its stake in MGIC Investment Co. (NYSE:MTG) by 2.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 85,374 shares of the insurance provider’s stock after selling 2,153 shares during the quarter. Bank of New Hampshire’s holdings in MGIC Investment were worth $2,116,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Venturi Wealth Management LLC lifted its stake in MGIC Investment by 102.1% in the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock valued at $43,000 after buying an additional 918 shares in the last quarter. V Square Quantitative Management LLC lifted its stake in MGIC Investment by 61.9% in 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 in the last quarter. Physician Wealth Advisors Inc. purchased a new position in MGIC Investment in the 4th quarter valued at about $54,000. EverSource Wealth Advisors LLC lifted its stake in 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 in the last quarter. Finally, UMB Bank n.a. lifted its stake in MGIC Investment by 61.3% in the 1st quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider’s stock valued at $66,000 after buying an additional 1,011 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. UBS Group raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods decreased their price target 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, Compass Point reissued a “neutral” rating and issued a $28.00 target price (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $26.63.

MGIC Investment Trading Up 1.1%

MTG opened at $26.32 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. The company’s 50 day simple moving average is $25.20 and its two-hundred day simple moving average is $24.68. MGIC Investment Co. has a 1-year low of $20.35 and a 1-year high of $26.92. The firm has a market capitalization of $6.25 billion, a price-to-earnings ratio of 9.07 and a beta of 0.89.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.09. The business had revenue of $306.23 million for the quarter, compared to analyst estimates of $306.66 million. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period last year, the company posted $0.65 EPS. Analysts expect that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.98%. MGIC Investment’s dividend payout ratio is currently 17.28%.

MGIC Investment announced that its Board of Directors has initiated a share 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 reacquire up to 12.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the completion of the sale, the executive vice president now owns 157,395 shares in the company, valued at $4,169,393.55. This trade represents a 11.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.05% of the company’s stock.

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.