Hsbc Holdings PLC Grows Stock Holdings in MGIC Investment Corporation $MTG

Hsbc Holdings PLC lifted its position in shares of MGIC Investment Corporation (NYSE:MTG) by 98.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 411,761 shares of the insurance provider’s stock after purchasing an additional 204,349 shares during the period. Hsbc Holdings PLC owned 0.19% of MGIC Investment worth $10,809,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Newbridge Financial Services Group Inc. purchased a new position in shares of MGIC Investment during the third quarter valued at approximately $28,000. V Square Quantitative Management LLC bought a new stake in MGIC Investment in the fourth quarter valued at $36,000. SBI Securities Co. Ltd. increased its position in MGIC Investment by 40.3% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 420 shares during the period. Geneos Wealth Management Inc. raised its holdings in MGIC Investment by 88.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 817 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new position in MGIC Investment in the 4th quarter worth $79,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings raised shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada assumed coverage on shares of MGIC Investment in a report on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 price objective for the company. Keefe, Bruyette & Woods lifted their price objective 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. Finally, Barclays reduced their target price on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, MGIC Investment currently has an average rating of “Hold” and a consensus target price of $28.25.

Insider Activity at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the completion of the transaction, the chief operating officer directly owned 560,951 shares in the company, valued at approximately $14,236,936.38. This trade represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the company’s 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 in the company, valued at $4,333,791. The trade was a 10.99% decrease in their position. 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.

MGIC Investment Stock Down 0.2%

NYSE:MTG opened at $29.05 on Thursday. The firm’s 50-day moving average price is $26.87 and its 200-day moving average price is $26.90. The company has a market capitalization of $6.14 billion, a PE ratio of 9.22, a P/E/G ratio of 2.01 and a beta of 0.67. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14. MGIC Investment Corporation has a 1-year low of $24.69 and a 1-year high of $29.97.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The company had revenue of $297.08 million during the quarter, compared to analysts’ expectations of $303.12 million. During the same period last year, the company posted $0.75 EPS. MGIC Investment’s revenue was down 3.0% on a year-over-year basis. On average, equities analysts predict that MGIC Investment Corporation will post 3.05 EPS for the current fiscal year.

MGIC Investment declared that its Board of Directors has initiated a share buyback program on Thursday, April 23rd that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 12.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

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.