MGIC Investment Corporation $MTG Position Reduced by Sterling Capital Management LLC

Sterling Capital Management LLC reduced its position in shares of MGIC Investment Corporation (NYSE:MTG) by 79.0% in the first quarter, HoldingsChannel.com reports. The firm owned 7,375 shares of the insurance provider’s stock after selling 27,749 shares during the period. Sterling Capital Management LLC’s holdings in MGIC Investment were worth $194,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of MTG. Jefferies Financial Group Inc. grew its holdings in MGIC Investment by 245.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 364,650 shares of the insurance provider’s stock worth $10,655,000 after acquiring an additional 259,039 shares during the period. Tudor Investment Corp ET AL raised its holdings in shares of MGIC Investment by 106.1% in the 3rd quarter. Tudor Investment Corp ET AL now owns 687,445 shares of the insurance provider’s stock worth $19,503,000 after purchasing an additional 353,935 shares in the last quarter. Arbejdsmarkedets Tillaegspension acquired a new stake in MGIC Investment during the fourth quarter valued at approximately $24,456,000. Geode Capital Management LLC boosted its holdings in MGIC Investment by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock worth $163,368,000 after buying an additional 146,589 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in MGIC Investment in the fourth quarter worth approximately $3,971,000. Institutional investors own 95.58% of the company’s stock.

Insider Activity

In related news, EVP Paula C. Maggio sold 20,937 shares of MGIC Investment stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the sale, the executive vice president directly owned 169,620 shares of the company’s stock, valued at $4,333,791. This trade represents a 10.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the transaction, the chief operating officer owned 560,951 shares in the company, valued at $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MTG has been the subject of several research reports. Royal Bank Of Canada started coverage on MGIC Investment in a research note on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price objective for the company. Keefe, Bruyette & Woods boosted their price objective on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, April 10th. UBS Group decreased their target price on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a report on Thursday, March 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of MGIC Investment in a research note on Monday, June 15th. Finally, Barclays cut their price objective on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $28.25.

MGIC Investment Stock Performance

MGIC Investment stock traded up $0.25 during trading hours on Tuesday, reaching $28.46. 45,015 shares of the company were exchanged, compared to its average volume of 2,077,847. MGIC Investment Corporation has a 12 month low of $24.69 and a 12 month high of $29.97. The stock has a 50-day moving average of $26.52 and a 200 day moving average of $26.98. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13. The firm has a market cap of $6.02 billion, a price-to-earnings ratio of 9.03, a PEG ratio of 1.95 and a beta of 0.67.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.73 by $0.03. The firm had revenue of $297.08 million for the quarter, compared to the consensus estimate of $303.12 million. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The business’s quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.75 EPS. As a group, research analysts anticipate that MGIC Investment Corporation will post 3.05 earnings per share for the current year.

MGIC Investment declared that its Board of Directors has initiated a share repurchase plan on Thursday, April 23rd that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the insurance provider to reacquire up to 12.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.1%. The ex-dividend date was Wednesday, May 6th. MGIC Investment’s dividend payout ratio is presently 19.05%.

About MGIC Investment

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.