Savant Capital LLC Lowers Stock Holdings in MGIC Investment Corporation $MTG

Savant Capital LLC lessened its position in MGIC Investment Corporation (NYSE:MTG) by 66.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,097 shares of the insurance provider’s stock after selling 35,184 shares during the quarter. Savant Capital LLC’s holdings in MGIC Investment were worth $529,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MTG. AQR Capital Management LLC lifted its position in shares of MGIC Investment by 92.4% in the second quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock valued at $176,313,000 after acquiring an additional 3,041,446 shares in the last quarter. Assetmark Inc. lifted its position in shares of MGIC Investment by 1,208.1% in the third quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider’s stock valued at $47,496,000 after acquiring an additional 1,546,173 shares in the last quarter. Arbejdsmarkedets Tillaegspension purchased a new position in shares of MGIC Investment in the fourth quarter valued at approximately $24,456,000. Caisse de depot et placement du Quebec lifted its position in shares of MGIC Investment by 20.4% in the third quarter. Caisse de depot et placement du Quebec now owns 3,943,965 shares of the insurance provider’s stock valued at $111,890,000 after acquiring an additional 667,876 shares in the last quarter. Finally, UBS Group AG lifted its position in shares of MGIC Investment by 53.3% in the third quarter. UBS Group AG now owns 1,711,453 shares of the insurance provider’s stock valued at $48,554,000 after acquiring an additional 594,980 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Price Performance

NYSE:MTG opened at $25.13 on Friday. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $29.97. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.14 and a current ratio of 1.14. The stock has a market cap of $5.32 billion, a PE ratio of 7.98, a P/E/G ratio of 1.71 and a beta of 0.68. The stock has a 50 day moving average price of $26.68 and a 200 day moving average price of $27.22.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.73 by $0.03. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The firm had revenue of $297.08 million during the quarter, compared to analysts’ expectations of $303.12 million. During the same quarter last year, the firm earned $0.75 earnings per share. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. Equities research analysts expect that MGIC Investment Corporation will post 3.06 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 6th. MGIC Investment’s dividend payout ratio (DPR) is currently 19.05%.

MGIC Investment announced that its board has initiated a stock repurchase program on Thursday, April 23rd that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to buy up to 12.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MTG shares. Keefe, Bruyette & Woods raised their target price on MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, April 10th. Weiss Ratings downgraded MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, February 5th. UBS Group decreased their target price on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, March 12th. Barclays decreased their target price on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Finally, Royal Bank Of Canada started coverage on MGIC Investment in a research report on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 target price on the stock. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $28.25.

Insider Activity at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,937 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.55, for a total value of $534,940.35. Following the completion of the sale, the executive vice president owned 169,620 shares of the company’s stock, valued at approximately $4,333,791. This trade represents a 10.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 139,202 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.49, for a total value of $3,687,460.98. Following the completion of the sale, the chief executive officer directly owned 1,118,005 shares of the company’s stock, valued at approximately $29,615,952.45. This represents a 11.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 171,070 shares of company stock valued at $4,509,340. 1.34% of the stock is currently owned by insiders.

MGIC Investment Company Profile

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.