MGIC Investment Corporation (NYSE:MTG) Position Boosted by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its holdings in MGIC Investment Corporation (NYSE:MTG) by 4.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,894 shares of the insurance provider’s stock after buying an additional 437 shares during the quarter. PNC Financial Services Group Inc.’s holdings in MGIC Investment were worth $270,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MTG. LSV Asset Management boosted its stake in MGIC Investment by 2.9% during the 1st quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider’s stock valued at $269,815,000 after purchasing an additional 310,095 shares in the last quarter. EagleClaw Capital Managment LLC boosted its stake in MGIC Investment by 15.8% during the 1st quarter. EagleClaw Capital Managment LLC now owns 66,950 shares of the insurance provider’s stock valued at $1,659,000 after purchasing an additional 9,150 shares in the last quarter. Jefferies Financial Group Inc. bought a new position in MGIC Investment during the 1st quarter valued at $4,065,000. US Bancorp DE boosted its stake in shares of MGIC Investment by 5.3% during the 1st quarter. US Bancorp DE now owns 10,797 shares of the insurance provider’s stock worth $268,000 after acquiring an additional 548 shares in the last quarter. Finally, Foster & Motley Inc. grew its holdings in shares of MGIC Investment by 12.3% in the 1st quarter. Foster & Motley Inc. now owns 264,836 shares of the insurance provider’s stock worth $6,563,000 after acquiring an additional 29,001 shares during the last quarter. 95.58% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $26.22, for a total transaction of $786,600.00. Following the completion of the sale, the chief operating officer directly owned 249,401 shares in the company, valued at approximately $6,539,294.22. This trade represents a 10.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $26.54, for a total value of $3,694,447.62. Following the sale, the chief executive officer 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. Over the last ninety days, insiders sold 189,203 shares of company stock worth $5,010,848. Corporate insiders own 1.05% of the company’s stock.

MGIC Investment Stock Performance

Shares of MGIC Investment stock opened at $27.52 on Friday. The stock has a market cap of $6.34 billion, a PE ratio of 9.02, a price-to-earnings-growth ratio of 2.02 and a beta of 0.90. The business has a fifty day simple moving average of $26.68 and a 200-day simple moving average of $25.43. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $28.67.

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

MGIC Investment declared that its board has authorized a stock buyback plan 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 plans are usually an indication that the company’s board of directors believes its shares are undervalued.

MGIC Investment Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Compass Point reaffirmed a “neutral” rating and set a $28.00 target price (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Barclays boosted their price objective on 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 raised their target price 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 equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $26.67.

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.