Legal & General Group Plc Has $10.76 Million Stake in MGIC Investment Corporation $MTG

Legal & General Group Plc decreased its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 24.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 368,183 shares of the insurance provider’s stock after selling 116,586 shares during the quarter. Legal & General Group Plc’s holdings in MGIC Investment were worth $10,758,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in MTG. AQR Capital Management LLC boosted its stake in MGIC Investment by 92.4% during the 2nd quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock valued at $176,313,000 after purchasing an additional 3,041,446 shares during the period. Assetmark Inc. boosted its stake in MGIC Investment by 1,208.1% during the 3rd quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider’s stock valued at $47,496,000 after purchasing an additional 1,546,173 shares during the period. Arbejdsmarkedets Tillaegspension bought a new stake in MGIC Investment during the 4th quarter valued at approximately $24,456,000. Caisse de depot et placement du Quebec boosted its stake in MGIC Investment by 20.4% during the 3rd 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 purchasing an additional 667,876 shares during the period. Finally, UBS Group AG boosted its stake in MGIC Investment by 53.3% during the 3rd quarter. UBS Group AG now owns 1,711,453 shares of the insurance provider’s stock valued at $48,554,000 after purchasing an additional 594,980 shares during the period. Institutional investors own 95.58% of the company’s stock.

Insider Buying and Selling

In related news, COO Salvatore A. Miosi sold 10,931 shares of the firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $26.25, for a total value of $286,938.75. Following the completion of the transaction, the chief operating officer directly owned 590,951 shares of the company’s stock, valued at $15,512,463.75. This trade 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 through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 139,202 shares of the firm’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.49, for a total value of $3,687,460.98. Following the completion of the transaction, the chief executive officer directly owned 1,118,005 shares of the company’s stock, valued at approximately $29,615,952.45. This trade represents a 11.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 171,070 shares of company stock valued at $4,509,340 over the last ninety days. 1.34% of the stock is owned by company insiders.

MGIC Investment Stock Down 0.3%

Shares of MTG stock opened at $24.82 on Thursday. The stock has a market cap of $5.25 billion, a P/E ratio of 7.88, a price-to-earnings-growth ratio of 1.71 and a beta of 0.68. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $29.97. The stock has a fifty day moving average price of $26.69 and a 200 day moving average price of $27.24. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.73 by $0.03. The firm had revenue of $297.08 million during the quarter, compared to analysts’ expectations of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.MGIC Investment’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period last year, the business earned $0.75 earnings per share. Analysts predict that MGIC Investment Corporation will post 3.06 earnings per share for the current year.

MGIC Investment declared that its Board of Directors has initiated a share buyback program on Thursday, April 23rd that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 6th. MGIC Investment’s dividend payout ratio (DPR) is 19.05%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Keefe, Bruyette & Woods increased their target price on MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, April 10th. Royal Bank Of Canada assumed coverage on MGIC Investment in a research note on Friday, May 22nd. They set a “sector perform” rating and a $28.00 target price for the company. Weiss Ratings downgraded MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. UBS Group decreased their target price on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, March 12th. Finally, 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. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $28.25.

MGIC Investment 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.