US Bancorp DE Acquires 548 Shares of MGIC Investment Corporation (NYSE:MTG)

US Bancorp DE lifted its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 5.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 10,797 shares of the insurance provider’s stock after purchasing an additional 548 shares during the period. US Bancorp DE’s holdings in MGIC Investment were worth $268,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. First Trust Advisors LP grew its holdings in shares of MGIC Investment by 22.4% during the 4th quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider’s stock valued at $379,561,000 after purchasing an additional 2,928,595 shares during the last quarter. Northern Trust Corp grew its holdings in shares of MGIC Investment by 6.5% during the 4th quarter. Northern Trust Corp now owns 4,524,277 shares of the insurance provider’s stock valued at $107,271,000 after purchasing an additional 277,746 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of MGIC Investment by 292.0% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,072,629 shares of the insurance provider’s stock valued at $49,142,000 after purchasing an additional 1,543,908 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of MGIC Investment by 0.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,618,145 shares of the insurance provider’s stock valued at $38,366,000 after purchasing an additional 7,217 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of MGIC Investment by 3.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,206,491 shares of the insurance provider’s stock valued at $28,606,000 after purchasing an additional 45,448 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

Insider Transactions at MGIC Investment

In other 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 value of $529,800.00. Following the completion of the sale, the executive vice president directly owned 157,395 shares of the company’s stock, valued at approximately $4,169,393.55. This trade represents a 11.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the firm’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the completion of the sale, the chief executive officer directly owned 1,100,994 shares of the company’s stock, valued at approximately $29,220,380.76. This represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 189,203 shares of company stock valued at $5,010,848. Company insiders own 1.05% of the company’s stock.

MGIC Investment Price Performance

Shares of MGIC Investment stock opened at $27.87 on Friday. The firm has a market cap of $6.42 billion, a PE ratio of 9.14, a price-to-earnings-growth ratio of 2.03 and a beta of 0.90. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $28.67. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The company’s fifty day simple moving average is $26.66 and its two-hundred day simple moving average is $25.41.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.12. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The business had revenue of $304.25 million for the quarter, compared to analyst estimates of $306.25 million. During the same quarter last year, the firm earned $0.77 EPS. The company’s revenue was down .3% on a year-over-year basis. As a group, equities analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment announced that its board has approved a stock buyback program on Thursday, April 24th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to purchase up to 12.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be given a $0.15 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.13. MGIC Investment’s dividend payout ratio is 19.67%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Keefe, Bruyette & Woods increased their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a report on Monday, July 7th. Compass Point reissued a “neutral” rating and issued a $28.00 price target (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Finally, Barclays raised their price target 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. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat.com, MGIC Investment has a consensus rating of “Hold” and a consensus target price of $26.67.

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.