GAMMA Investing LLC Acquires 1,705 Shares of MGIC Investment Corporation (NYSE:MTG)

GAMMA Investing LLC lifted its holdings in MGIC Investment Corporation (NYSE:MTG) by 39.1% in the first quarter, Holdings Channel reports. The fund owned 6,068 shares of the insurance provider’s stock after purchasing an additional 1,705 shares during the quarter. GAMMA Investing LLC’s holdings in MGIC Investment were worth $150,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Physician Wealth Advisors Inc. bought a new stake in shares of MGIC Investment in the 4th quarter valued at approximately $54,000. EverSource Wealth Advisors LLC raised its holdings in MGIC Investment by 21.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock valued at $55,000 after buying an additional 419 shares during the period. UMB Bank n.a. lifted its position in MGIC Investment by 61.3% in 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. Versant Capital Management Inc lifted its position in MGIC Investment by 262.0% in 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. Finally, Cary Street Partners Financial LLC purchased a new position in MGIC Investment during the fourth quarter worth $209,000. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Performance

MTG 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 cap of $6.77 billion, a price-to-earnings ratio of 9.48, a PEG ratio of 2.61 and a beta of 0.89. The business’s fifty day simple moving average is $26.60 and its two-hundred day simple moving average is $24.95. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.13.

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

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date was Thursday, May 8th. MGIC Investment’s dividend payout ratio (DPR) is presently 17.28%.

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

Wall Street Analyst Weigh In

MTG has been the topic of several recent analyst reports. Compass Point reissued a “neutral” rating and issued a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Keefe, Bruyette & Woods cut their price target on shares of MGIC Investment from $28.00 to $26.00 and set a “market perform” rating on the stock in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $26.63.

Insider Activity at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 157,395 shares in the company, valued at approximately $4,169,393.55. The trade was a 11.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.05% of the company’s stock.

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.