Cerity Partners LLC Has $1.94 Million Position in MGIC Investment Corporation (NYSE:MTG)

Cerity Partners LLC lifted its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 59.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 78,307 shares of the insurance provider’s stock after acquiring an additional 29,104 shares during the period. Cerity Partners LLC’s holdings in MGIC Investment were worth $1,940,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MTG. Golden State Wealth Management LLC lifted its position in shares of MGIC Investment by 7,837.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider’s stock valued at $53,000 after acquiring an additional 2,116 shares during the period. Physician Wealth Advisors Inc. acquired a new position in MGIC Investment during the fourth quarter worth $54,000. UMB Bank n.a. raised its holdings in MGIC Investment by 61.3% during the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider’s stock worth $66,000 after buying an additional 1,011 shares during the last quarter. Fifth Third Bancorp raised its holdings in MGIC Investment by 20.1% during the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider’s stock worth $68,000 after buying an additional 461 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in MGIC Investment by 262.0% during the first quarter. Versant Capital Management Inc now owns 4,811 shares of the insurance provider’s stock worth $119,000 after buying an additional 3,482 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Transactions at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of the firm’s 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 completion of the sale, the executive vice president owned 157,395 shares in the company, valued at approximately $4,169,393.55. This trade represents a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.41% of the company’s stock.

MGIC Investment Stock Performance

Shares of MTG stock opened at $25.20 on Monday. The firm has a 50-day moving average of $26.64 and a 200-day moving average of $25.12. The company has a market cap of $5.98 billion, a P/E ratio of 8.37, a P/E/G ratio of 2.70 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.25 and a quick ratio of 1.25. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $28.67.

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

MGIC Investment announced that its board has initiated a share repurchase program on Thursday, April 24th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the insurance provider to reacquire up to 12.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Thursday, May 8th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a yield of 2.06%. MGIC Investment’s dividend payout ratio (DPR) is presently 17.28%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MTG shares. Compass Point restated 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. Barclays upped their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a report on Monday, July 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, MGIC Investment has a consensus rating of “Hold” and a consensus target price of $26.88.

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.