MGIC Investment Corporation $MTG Shares Sold by Savant Capital LLC

Savant Capital LLC cut its position in MGIC Investment Corporation (NYSE:MTG) by 66.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,097 shares of the insurance provider’s stock after selling 35,184 shares during the period. Savant Capital LLC’s holdings in MGIC Investment were worth $529,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Alps Advisors Inc. increased its holdings in shares of MGIC Investment by 60.6% in the third quarter. Alps Advisors Inc. now owns 701,943 shares of the insurance provider’s stock valued at $19,914,000 after purchasing an additional 264,968 shares during the period. Jefferies Financial Group Inc. increased its holdings in shares of MGIC Investment by 245.3% in the fourth quarter. Jefferies Financial Group Inc. now owns 364,650 shares of the insurance provider’s stock valued at $10,655,000 after purchasing an additional 259,039 shares during the period. Thrivent Financial for Lutherans increased its holdings in shares of MGIC Investment by 17.8% in the third quarter. Thrivent Financial for Lutherans now owns 472,083 shares of the insurance provider’s stock valued at $13,393,000 after purchasing an additional 71,474 shares during the period. Tudor Investment Corp ET AL increased its holdings in shares of MGIC Investment by 106.1% in the third quarter. Tudor Investment Corp ET AL now owns 687,445 shares of the insurance provider’s stock valued at $19,503,000 after purchasing an additional 353,935 shares during the period. Finally, Arbejdsmarkedets Tillaegspension purchased a new stake in shares of MGIC Investment in the fourth quarter worth about $24,456,000. 95.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. UBS Group lowered their target price on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, March 12th. Barclays lowered their target price on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Royal Bank Of Canada assumed coverage on MGIC Investment in a research note on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 target price on the stock. Keefe, Bruyette & Woods upped their target price on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, April 10th. Finally, Weiss Ratings downgraded MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $28.25.

MGIC Investment Stock Up 1.1%

Shares of MTG opened at $25.13 on Friday. MGIC Investment Corporation has a 52 week low of $24.69 and a 52 week high of $29.97. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $5.32 billion, a price-to-earnings ratio of 7.98, a PEG ratio of 1.71 and a beta of 0.68. The stock’s 50-day moving average price is $26.68 and its 200-day moving average price is $27.22.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. The company had revenue of $297.08 million for the quarter, compared to the consensus estimate of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.MGIC Investment’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.75 earnings per share. On average, sell-side analysts predict that MGIC Investment Corporation will post 3.06 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.4%. MGIC Investment’s dividend payout ratio is currently 19.05%.

MGIC Investment declared that its Board of Directors has initiated a share repurchase program on Thursday, April 23rd that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 12.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other MGIC Investment news, EVP Paula C. Maggio sold 20,937 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the transaction, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. This represents a 10.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 10,931 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $26.25, for a total value of $286,938.75. Following the transaction, the chief operating officer owned 590,951 shares in the company, valued at $15,512,463.75. This represents a 1.82% 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. Over the last 90 days, insiders have sold 171,070 shares of company stock worth $4,509,340. 1.34% of the stock is owned by corporate insiders.

MGIC Investment 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.