MGIC Investment Corporation (NYSE:MTG) Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp boosted its stake in MGIC Investment Corporation (NYSE:MTG) by 20.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,749 shares of the insurance provider’s stock after purchasing an additional 461 shares during the period. Fifth Third Bancorp’s holdings in MGIC Investment were worth $68,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC increased its holdings 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 purchasing an additional 918 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 boosted its position 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 during the last quarter. UMB Bank n.a. boosted its position 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 during the last quarter. Finally, Versant Capital Management Inc boosted its position in MGIC Investment by 262.0% in the 1st quarter. Versant Capital Management Inc now owns 4,811 shares of the insurance provider’s stock valued at $119,000 after buying an additional 3,482 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MTG. Keefe, Bruyette & Woods decreased 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 report on Tuesday, April 8th. Compass Point reissued a “neutral” rating and issued a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $26.63.

Insider Buying and Selling

In related news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the sale, the executive vice president now owns 157,395 shares in the company, valued at $4,169,393.55. This represents a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.05% of the stock is owned by company insiders.

MGIC Investment Price Performance

Shares of MTG opened at $27.02 on Friday. MGIC Investment Corporation has a 52 week low of $20.96 and a 52 week high of $27.34. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 8.98, a PEG ratio of 2.48 and a beta of 0.89. The stock has a 50 day moving average of $25.83 and a 200-day moving average of $24.74.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.09. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The firm had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. The firm’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.65 earnings per share. As a group, analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Investors 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 1.92%. The ex-dividend date was Thursday, May 8th. MGIC Investment’s dividend payout ratio is presently 17.28%.

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

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.