MGIC Investment Corporation (NYSE:MTG) Shares Bought by KBC Group NV

KBC Group NV lifted its stake in MGIC Investment Corporation (NYSE:MTG) by 10.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,417 shares of the insurance provider’s stock after purchasing an additional 1,060 shares during the quarter. KBC Group NV’s holdings in MGIC Investment were worth $283,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTG. EverSource Wealth Advisors LLC raised its holdings in shares of MGIC Investment by 21.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock worth $55,000 after acquiring an additional 419 shares during the period. Xponance Inc. boosted its holdings in MGIC Investment by 1.3% in the 4th quarter. Xponance Inc. now owns 35,320 shares of the insurance provider’s stock valued at $837,000 after purchasing an additional 442 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of MGIC Investment by 20.1% in the 1st quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider’s stock valued at $68,000 after buying an additional 461 shares during the period. NorthCrest Asset Manangement LLC increased its holdings in shares of MGIC Investment by 1.3% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 41,718 shares of the insurance provider’s stock worth $1,034,000 after buying an additional 524 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in shares of MGIC Investment by 4.9% during the 4th quarter. ProShare Advisors LLC now owns 11,854 shares of the insurance provider’s stock valued at $281,000 after buying an additional 553 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Activity

In other news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.49, for a total value of $529,800.00. Following the transaction, the executive vice president directly owned 157,395 shares of the company’s stock, valued at $4,169,393.55. The trade was a 11.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.05% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on MTG. Keefe, Bruyette & Woods cut their target price on 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. Compass Point reissued a “neutral” rating and set a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. One equities research 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. Based on data from MarketBeat.com, MGIC Investment has an average rating of “Hold” and an average price target of $26.63.

MGIC Investment Stock Up 2.2%

MGIC Investment stock opened at $28.52 on Friday. MGIC Investment Corporation has a twelve month low of $21.20 and a twelve month high of $28.67. The firm has a market capitalization of $6.77 billion, a P/E ratio of 9.48, a P/E/G ratio of 2.61 and a beta of 0.89. 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 stock’s fifty day simple moving average is $26.60 and its 200-day simple moving average is $24.96.

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

MGIC Investment announced that its Board of Directors has approved a share repurchase plan on Thursday, April 24th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the insurance provider to repurchase up to 12.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment’s payout ratio is currently 17.28%.

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.