Mackenzie Financial Corp Has $13.44 Million Stock Holdings in MGIC Investment Corporation (NYSE:MTG)

Mackenzie Financial Corp grew its stake in MGIC Investment Corporation (NYSE:MTG) by 20.7% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 542,207 shares of the insurance provider’s stock after buying an additional 92,824 shares during the period. Mackenzie Financial Corp’s holdings in MGIC Investment were worth $13,436,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Cullen Frost Bankers Inc. bought a new position in MGIC Investment in the first quarter worth approximately $33,000. Golden State Wealth Management LLC boosted its holdings in MGIC Investment by 7,837.0% in the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider’s stock worth $53,000 after acquiring an additional 2,116 shares in the last quarter. UMB Bank n.a. boosted its holdings 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 acquiring an additional 1,011 shares in the last quarter. Fifth Third Bancorp boosted its holdings in MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider’s stock worth $68,000 after acquiring an additional 461 shares in the last quarter. Finally, Versant Capital Management Inc boosted its holdings 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 acquiring an additional 3,482 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Performance

Shares of MTG opened at $25.39 on Thursday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $6.03 billion, a price-to-earnings ratio of 8.44, a PEG ratio of 2.76 and a beta of 0.89. The stock has a 50 day moving average of $26.50 and a 200 day moving average of $25.22. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $28.67.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.12. The company had revenue of $304.25 million during the quarter, compared to the consensus estimate of $306.25 million. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. MGIC Investment’s revenue was down .3% on a year-over-year basis. During the same period last year, the business posted $0.77 earnings per share. As a group, sell-side analysts forecast that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

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

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be given a $0.15 dividend. This is an increase from MGIC Investment’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Thursday, August 7th. MGIC Investment’s dividend payout ratio (DPR) is currently 17.28%.

Insider Transactions at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction 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 directly owned 157,395 shares of the company’s stock, valued at $4,169,393.55. This trade represents a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.05% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on MTG shares. Barclays increased their price target on MGIC Investment from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods increased their price objective on MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a research note on Monday, July 7th. Finally, Compass Point reissued a “neutral” rating and issued a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. One equities 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average 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.