Y Intercept Hong Kong Ltd Has $3.35 Million Position in MGIC Investment Corporation $MTG

Y Intercept Hong Kong Ltd cut its holdings in MGIC Investment Corporation (NYSE:MTG) by 16.4% during the first quarter, Holdings Channel.com reports. The fund owned 127,815 shares of the insurance provider’s stock after selling 25,046 shares during the period. Y Intercept Hong Kong Ltd’s holdings in MGIC Investment were worth $3,355,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction of $761,400.00. Following the completion of the sale, the chief operating officer owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This trade represents a 5.08% decrease in their position. The sale was disclosed in a document filed 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 company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of 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 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 corporate insiders.

MGIC Investment Stock Up 0.8%

NYSE:MTG traded up $0.22 on Tuesday, hitting $28.43. 263,261 shares of the company’s stock were exchanged, compared to its average volume of 2,079,422. The firm has a 50-day moving average price of $26.52 and a 200-day moving average price of $26.98. MGIC Investment Corporation has a 52 week low of $24.69 and a 52 week high of $29.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14. The company has a market cap of $6.01 billion, a P/E ratio of 9.02, a price-to-earnings-growth ratio of 1.95 and a beta of 0.67.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, topping 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 business had revenue of $297.08 million for the quarter, compared to analyst estimates of $303.12 million. During the same quarter in the prior year, the company posted $0.75 earnings per share. MGIC Investment’s revenue was down 3.0% on a year-over-year basis. As a group, analysts expect that MGIC Investment Corporation will post 3.05 EPS for the current fiscal year.

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

MGIC Investment Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on MTG shares. UBS Group cut their target price 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. Keefe, Bruyette & Woods lifted their target price on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, April 10th. Barclays decreased their target price on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of MGIC Investment in a research report on Monday, June 15th. Finally, Royal Bank Of Canada assumed coverage on shares of MGIC Investment in a report on Friday, May 22nd. They set 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 issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $28.25.

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.