Penserra Capital Management LLC Has $259,000 Stock Position in MGIC Investment Corporation (NYSE:MTG)

Penserra Capital Management LLC reduced its stake in MGIC Investment Corporation (NYSE:MTG) by 11.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,455 shares of the insurance provider’s stock after selling 1,304 shares during the quarter. Penserra Capital Management LLC’s holdings in MGIC Investment were worth $259,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Meritage Portfolio Management lifted its stake in shares of MGIC Investment by 5.5% in the first quarter. Meritage Portfolio Management now owns 28,061 shares of the insurance provider’s stock worth $695,000 after acquiring an additional 1,470 shares during the period. Monument Capital Management increased its holdings in MGIC Investment by 1.1% in the first quarter. Monument Capital Management now owns 143,080 shares of the insurance provider’s stock worth $3,546,000 after purchasing an additional 1,591 shares in the last quarter. KBC Group NV increased its holdings in MGIC Investment by 10.2% in the first quarter. KBC Group NV now owns 11,417 shares of the insurance provider’s stock worth $283,000 after purchasing an additional 1,060 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in MGIC Investment by 50.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider’s stock worth $406,000 after purchasing an additional 5,393 shares in the last quarter. Finally, Diversified Trust Co increased its holdings in MGIC Investment by 93.8% in the first quarter. Diversified Trust Co now owns 61,479 shares of the insurance provider’s stock worth $1,523,000 after purchasing an additional 29,759 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Trading Down 2.4%

Shares of MGIC Investment stock opened at $25.25 on Friday. The stock has a fifty day simple moving average of $26.74 and a 200 day simple moving average of $25.05. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $28.67. The company has a market capitalization of $5.99 billion, a P/E ratio of 8.39, a price-to-earnings-growth ratio of 2.37 and a beta of 0.89. 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 announced its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.09. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. The business had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. During the same quarter in the prior year, the company posted $0.65 earnings per share. MGIC Investment’s revenue was up 4.0% compared to the same quarter last year. On average, sell-side analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment declared that its board has authorized a stock buyback 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 buy up to 12.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Thursday, May 8th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 annualized dividend and a yield of 2.06%. MGIC Investment’s dividend payout ratio (DPR) is currently 17.28%.

Insider Transactions at MGIC Investment

In related 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 transaction 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. This represents a 11.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MTG shares. Compass Point reiterated a “neutral” rating and issued a $28.00 target price (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Keefe, Bruyette & Woods lifted their target price on MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a report on Monday, July 7th. Finally, Barclays lifted their target price on MGIC Investment from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, MGIC Investment currently has a consensus rating of “Hold” and a consensus target price of $26.88.

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.