Pacer Advisors Inc. Sells 36,508 Shares of MGIC Investment Corporation (NYSE:MTG)

Pacer Advisors Inc. reduced its position in MGIC Investment Corporation (NYSE:MTG) by 70.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,200 shares of the insurance provider’s stock after selling 36,508 shares during the period. Pacer Advisors Inc.’s holdings in MGIC Investment were worth $377,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of MGIC Investment by 12.1% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 470,527 shares of the insurance provider’s stock worth $11,660,000 after buying an additional 50,938 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of MGIC Investment during the 1st quarter valued at about $958,000. Lindbrook Capital LLC boosted its holdings in shares of MGIC Investment by 2,387.7% in the 1st quarter. Lindbrook Capital LLC now owns 7,065 shares of the insurance provider’s stock worth $175,000 after purchasing an additional 6,781 shares during the period. Csenge Advisory Group lifted its stake in MGIC Investment by 9.2% in the first quarter. Csenge Advisory Group now owns 88,719 shares of the insurance provider’s stock worth $2,132,000 after purchasing an additional 7,459 shares during the last quarter. Finally, Private Advisor Group LLC bought a new position in MGIC Investment in the 1st quarter valued at $238,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Trading Up 1.4%

Shares of NYSE:MTG opened at $26.27 on Friday. The company has a market cap of $6.06 billion, a PE ratio of 8.61, a P/E/G ratio of 2.78 and a beta of 0.90. The company’s 50 day moving average is $26.50 and its two-hundred day moving average is $25.25. The company has a current ratio of 1.46, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $28.67.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.12. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%. The company had revenue of $304.25 million during the quarter, compared to analysts’ expectations of $306.25 million. During the same quarter in the previous year, the business earned $0.77 earnings per share. The firm’s revenue for the quarter was down .3% on a year-over-year basis. Equities analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be issued a $0.15 dividend. The ex-dividend date is Thursday, August 7th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.13. MGIC Investment’s payout ratio is 17.28%.

MGIC Investment declared that its Board of Directors has authorized a stock 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

MTG has been the topic of several research reports. Compass Point restated a “neutral” rating and set a $28.00 price target (up previously from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Barclays increased their price target on MGIC Investment from $26.00 to $27.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods upped their target price on MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a research report on Monday, July 7th. One equities research 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $26.88.

Insider Activity

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction on Friday, May 30th. The stock was sold at an average price of $26.49, for a total value of $529,800.00. Following the sale, the executive vice president owned 157,395 shares of the company’s stock, valued at approximately $4,169,393.55. This represents a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.05% of the stock is owned by corporate insiders.

About MGIC Investment

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.