Sequoia Financial Advisors LLC Grows Position in MGIC Investment Corporation $MTG

Sequoia Financial Advisors LLC grew its stake in MGIC Investment Corporation (NYSE:MTG) by 155.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,845 shares of the insurance provider’s stock after purchasing an additional 35,225 shares during the period. Sequoia Financial Advisors LLC’s holdings in MGIC Investment were worth $1,690,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of MTG. Compound Planning Inc. lifted its stake in MGIC Investment by 5.3% in the 3rd quarter. Compound Planning Inc. now owns 7,788 shares of the insurance provider’s stock worth $221,000 after purchasing an additional 389 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in shares of MGIC Investment by 61.1% during the 3rd quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 395 shares during the period. Waddell & Associates LLC raised its holdings in shares of MGIC Investment by 5.3% during the 3rd quarter. Waddell & Associates LLC now owns 8,090 shares of the insurance provider’s stock worth $230,000 after acquiring an additional 410 shares during the period. Clearstead Advisors LLC raised its holdings in shares of MGIC Investment by 24.7% during the 3rd quarter. Clearstead Advisors LLC now owns 2,209 shares of the insurance provider’s stock worth $63,000 after acquiring an additional 438 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. raised its holdings in shares of MGIC Investment by 58.0% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,365 shares of the insurance provider’s stock worth $38,000 after acquiring an additional 501 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Down 2.6%

Shares of MTG opened at $26.06 on Tuesday. The firm has a market cap of $5.51 billion, a P/E ratio of 8.27, a price-to-earnings-growth ratio of 1.63 and a beta of 0.71. MGIC Investment Corporation has a 12-month low of $24.77 and a 12-month high of $29.97. The company’s 50-day moving average price is $26.87 and its 200 day moving average price is $27.47. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last announced its 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. The company had revenue of $297.08 million for the quarter, compared to analyst estimates of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The firm’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.75 earnings per share. On average, sell-side analysts forecast that MGIC Investment Corporation will post 3.07 earnings per share for the current year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th will be given a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.3%. MGIC Investment’s payout ratio is presently 19.05%.

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

Analyst Ratings Changes

Several research analysts have recently commented on MTG shares. Keefe, Bruyette & Woods lifted their price target on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, April 10th. Weiss Ratings lowered shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, February 5th. UBS Group reduced their price target on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, March 12th. Finally, Barclays reduced their price target on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, MGIC Investment has an average rating of “Hold” and an average price target of $28.25.

Insider Buying and Selling

In other MGIC Investment news, COO Salvatore A. Miosi sold 10,931 shares of the business’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $26.25, for a total transaction of $286,938.75. Following the sale, the chief operating officer directly owned 590,951 shares in the company, valued at $15,512,463.75. This represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 139,202 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer owned 1,118,005 shares in the company, valued at $29,615,952.45. This trade represents a 11.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.34% of the stock is owned by insiders.

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.