NorthCrest Asset Manangement LLC Purchases 524 Shares of MGIC Investment Co. (NYSE:MTG)

NorthCrest Asset Manangement LLC raised its stake in shares of MGIC Investment Co. (NYSE:MTG) by 1.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41,718 shares of the insurance provider’s stock after purchasing an additional 524 shares during the period. NorthCrest Asset Manangement LLC’s holdings in MGIC Investment were worth $1,034,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Fifth Third Bancorp boosted its holdings in shares of MGIC Investment by 20.1% during the 1st quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 461 shares during the last quarter. Ellenbecker Investment Group boosted its holdings in shares of MGIC Investment by 189.4% during the 1st quarter. Ellenbecker Investment Group now owns 33,450 shares of the insurance provider’s stock valued at $829,000 after purchasing an additional 21,890 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of MGIC Investment during the 1st quarter valued at about $466,000. GAMMA Investing LLC boosted its holdings in shares of MGIC Investment by 39.1% during the 1st quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider’s stock valued at $150,000 after purchasing an additional 1,705 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its holdings in shares of MGIC Investment by 13.8% during the 1st quarter. Wedge Capital Management L L P NC now owns 97,704 shares of the insurance provider’s stock valued at $2,421,000 after purchasing an additional 11,847 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Compass Point reissued a “neutral” rating and set a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Keefe, Bruyette & Woods decreased their target price on shares of MGIC Investment from $28.00 to $26.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 8th. Finally, UBS Group upped their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $26.63.

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 transaction, the executive vice president now directly owns 157,395 shares of the company’s stock, valued at approximately $4,169,393.55. This trade represents a 11.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.41% of the company’s stock.

MGIC Investment Stock Performance

MGIC Investment stock opened at $26.82 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. MGIC Investment Co. has a 1-year low of $20.35 and a 1-year high of $27.12. The firm has a market capitalization of $6.37 billion, a P/E ratio of 9.25 and a beta of 0.89. The company’s 50-day moving average is $25.50 and its 200 day moving average is $24.71.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data 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. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The company had revenue of $306.23 million for the quarter, compared to analyst estimates of $306.66 million. During the same period in the prior year, the company posted $0.65 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. Research analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date was Thursday, May 8th. MGIC Investment’s dividend payout ratio (DPR) is presently 17.28%.

MGIC Investment declared that its Board of Directors has approved a share buyback 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 repurchase up to 12.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

MGIC Investment Company 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.