NFC Investments LLC Has $52.17 Million Stake in MGIC Investment Corporation $MTG

NFC Investments LLC cut its position in MGIC Investment Corporation (NYSE:MTG) by 1.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,785,378 shares of the insurance provider’s stock after selling 23,001 shares during the quarter. MGIC Investment makes up approximately 14.7% of NFC Investments LLC’s investment portfolio, making the stock its largest holding. NFC Investments LLC’s holdings in MGIC Investment were worth $52,169,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC raised its holdings in MGIC Investment by 39.7% in the third quarter. AQR Capital Management LLC now owns 8,844,749 shares of the insurance provider’s stock worth $250,926,000 after purchasing an additional 2,511,658 shares in the last quarter. Geode Capital Management LLC raised its holdings in MGIC Investment by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock worth $163,368,000 after purchasing an additional 146,589 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in shares of MGIC Investment by 1.0% during the fourth quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider’s stock valued at $146,397,000 after acquiring an additional 48,064 shares in the last quarter. Northern Trust Corp increased its holdings in shares of MGIC Investment by 10.7% during the third quarter. Northern Trust Corp now owns 4,561,398 shares of the insurance provider’s stock valued at $129,407,000 after acquiring an additional 441,809 shares in the last quarter. Finally, Caisse de depot et placement du Quebec increased its holdings in shares of MGIC Investment by 20.4% during 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. 95.58% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Paula C. Maggio sold 20,937 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.55, for a total value of $534,940.35. Following the transaction, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. This represents a 10.99% decrease in their position. The sale was disclosed in a filing 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 stock was sold at an average price of $26.49, for a total transaction of $3,687,460.98. Following the completion of the transaction, the chief executive officer owned 1,118,005 shares in the company, valued at approximately $29,615,952.45. This trade 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. In the last quarter, insiders have sold 201,070 shares of company stock worth $5,270,740. 1.34% of the stock is owned by company insiders.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $25.80 on Thursday. MGIC Investment Corporation has a twelve month low of $24.69 and a twelve month high of $29.97. The company’s 50 day moving average is $26.64 and its 200 day moving average is $27.16. 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 company has a market cap of $5.46 billion, a PE ratio of 8.19, a price-to-earnings-growth ratio of 1.76 and a beta of 0.68.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $303.12 million. During the same quarter in the prior year, the company earned $0.75 EPS. MGIC Investment’s quarterly revenue was down 3.0% on a year-over-year basis. On average, sell-side analysts forecast that MGIC Investment Corporation will post 3.06 EPS for the current year.

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

MGIC Investment Announces Dividend

The firm 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 yield of 2.3%. The ex-dividend date was Wednesday, May 6th. MGIC Investment’s dividend payout ratio is 19.05%.

Wall Street Analyst Weigh In

MTG has been the topic of several recent analyst reports. Royal Bank Of Canada initiated coverage on shares of MGIC Investment in a report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price objective on the stock. Keefe, Bruyette & Woods upped their price objective on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a report on Friday, April 10th. UBS Group cut their price objective on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, March 12th. Finally, Barclays cut their price objective on shares of 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. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $28.25.

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.