Heartland Advisors Inc. Has $11.81 Million Stock Position in MGIC Investment Corporation $MTG

Heartland Advisors Inc. lowered its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 21.7% in the first quarter, HoldingsChannel reports. The firm owned 450,000 shares of the insurance provider’s stock after selling 125,035 shares during the period. Heartland Advisors Inc.’s holdings in MGIC Investment were worth $11,812,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Newbridge Financial Services Group Inc. bought a new stake in MGIC Investment in the third quarter valued at approximately $28,000. V Square Quantitative Management LLC acquired a new stake in shares of MGIC Investment in the fourth quarter valued at approximately $36,000. SBI Securities Co. Ltd. boosted its stake in shares of MGIC Investment by 40.3% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 420 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of MGIC Investment by 88.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 817 shares during the period. Finally, Root Financial Partners LLC increased its holdings in shares of MGIC Investment by 100.7% during the 1st quarter. Root Financial Partners LLC now owns 3,022 shares of the insurance provider’s stock worth $79,000 after acquiring an additional 1,516 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Trading Up 0.7%

Shares of NYSE:MTG opened at $29.46 on Friday. MGIC Investment Corporation has a 12-month low of $24.69 and a 12-month high of $29.97. The stock has a market cap of $6.23 billion, a PE ratio of 9.35, a P/E/G ratio of 2.03 and a beta of 0.67. The business has a 50 day moving average of $26.68 and a 200-day moving average of $26.92. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last posted its 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. The company had revenue of $297.08 million for the quarter, compared to the consensus estimate of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.75 earnings per share. As a group, equities research analysts forecast that MGIC Investment Corporation will post 3.05 earnings per share for the current year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were paid a $0.15 dividend. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 annualized dividend and a yield of 2.0%. MGIC Investment’s payout ratio is 19.05%.

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MTG. Barclays dropped their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Royal Bank Of Canada assumed coverage on shares of MGIC Investment in a research report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price objective for the company. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, April 10th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $28.25.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the transaction, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This represents a 5.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the stock in a transaction 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 transaction, 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. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.34% of the company’s stock.

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.