CWA Asset Management Group LLC Increases Stock Position in MGIC Investment Corporation (NYSE:MTG)

CWA Asset Management Group LLC boosted its position in MGIC Investment Corporation (NYSE:MTG) by 28.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 45,398 shares of the insurance provider’s stock after acquiring an additional 10,094 shares during the period. CWA Asset Management Group LLC’s holdings in MGIC Investment were worth $1,125,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of MTG. Venturi Wealth Management LLC boosted its holdings in shares of MGIC Investment by 102.1% during the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 918 shares during the period. Physician Wealth Advisors Inc. purchased a new position in MGIC Investment during the 4th quarter valued at about $54,000. EverSource Wealth Advisors LLC raised its position in MGIC Investment by 21.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock valued at $55,000 after purchasing an additional 419 shares during the last quarter. UMB Bank n.a. raised its position in MGIC Investment by 61.3% during the 1st quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider’s stock valued at $66,000 after purchasing an additional 1,011 shares during the last quarter. Finally, Fifth Third Bancorp lifted its holdings in MGIC Investment by 20.1% in the 1st quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider’s stock worth $68,000 after buying an additional 461 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Up 1.8%

Shares of NYSE:MTG opened at $26.91 on Friday. The firm has a market capitalization of $6.39 billion, a P/E ratio of 8.94, a P/E/G ratio of 2.48 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.25 and a current ratio of 1.25. The stock has a 50 day moving average price of $25.77 and a 200-day moving average price of $24.74. MGIC Investment Corporation has a 52-week low of $20.95 and a 52-week high of $27.34.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.09. The company had revenue of $306.23 million for the quarter, compared to analysts’ expectations of $306.66 million. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.65 earnings per share. As a group, equities research analysts anticipate that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date was Thursday, May 8th. MGIC Investment’s dividend payout ratio is presently 17.28%.

MGIC Investment announced that its Board of Directors has approved a share repurchase program on Thursday, April 24th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase up to 12.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

MTG has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods cut their price objective on MGIC Investment from $28.00 to $26.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 8th. Compass Point reaffirmed a “neutral” rating and issued a $28.00 price target (up previously from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $26.63.

Insider Buying and Selling

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.49, for a total value of $529,800.00. Following the sale, the executive vice president now owns 157,395 shares in the company, valued at approximately $4,169,393.55. This represents a 11.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.05% of the stock is owned by company insiders.

About MGIC Investment

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.