MGIC Investment Corporation (NYSE:MTG) Shares Sold by Amalgamated Bank

Amalgamated Bank trimmed its position in shares of MGIC Investment Corporation (NYSE:MTG) by 5.8% in the first quarter, HoldingsChannel reports. The firm owned 113,834 shares of the insurance provider’s stock after selling 7,011 shares during the period. Amalgamated Bank’s holdings in MGIC Investment were worth $2,821,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MTG. Proficio Capital Partners LLC acquired a new position in MGIC Investment during the 4th quarter valued at about $653,000. US Bancorp DE boosted its stake in MGIC Investment by 6.2% during the 4th quarter. US Bancorp DE now owns 10,249 shares of the insurance provider’s stock valued at $243,000 after purchasing an additional 600 shares during the period. Raymond James Financial Inc. acquired a new position in MGIC Investment during the 4th quarter valued at about $1,740,000. EagleClaw Capital Managment LLC boosted its stake in MGIC Investment by 2.7% during the 4th quarter. EagleClaw Capital Managment LLC now owns 57,800 shares of the insurance provider’s stock valued at $1,370,000 after purchasing an additional 1,500 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake in shares of MGIC Investment by 6.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider’s stock worth $248,000 after acquiring an additional 608 shares during the period. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Trading Up 2.2%

Shares of NYSE:MTG opened at $28.52 on Friday. The company has a 50 day moving average of $26.60 and a 200-day moving average of $24.95. The firm has a market cap of $6.77 billion, a P/E ratio of 9.48, a P/E/G ratio of 2.61 and a beta of 0.89. MGIC Investment Corporation has a twelve month low of $21.20 and a twelve month high of $28.67. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last released its 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 business had revenue of $306.23 million for the quarter, compared to the consensus estimate of $306.66 million. During the same period in the previous year, the firm earned $0.65 EPS. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

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

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Thursday, May 8th were issued a $0.13 dividend. The ex-dividend date was Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.82%. MGIC Investment’s payout ratio is currently 17.28%.

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 shares were sold at an average price of $26.49, for a total value of $529,800.00. Following the sale, the executive vice president directly owned 157,395 shares in the company, valued at $4,169,393.55. The trade was a 11.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.05% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reduced their price target on shares of MGIC Investment from $28.00 to $26.00 and set a “market perform” rating for the company in a research note on Tuesday, April 8th. Compass Point reaffirmed a “neutral” rating and issued a $28.00 price target (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $26.63.

MGIC Investment 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.