Dimensional Fund Advisors LP Cuts Position in MGIC Investment Corporation $MTG

Dimensional Fund Advisors LP trimmed its stake in MGIC Investment Corporation (NYSE:MTG) by 1.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,654,046 shares of the insurance provider’s stock after selling 183,576 shares during the period. Dimensional Fund Advisors LP owned 0.06% of MGIC Investment worth $358,418,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. AIA Group Ltd boosted its holdings in shares of MGIC Investment by 16.0% in the 1st quarter. AIA Group Ltd now owns 24,253 shares of the insurance provider’s stock valued at $637,000 after buying an additional 3,345 shares in the last quarter. California Public Employees Retirement System raised its stake in shares of MGIC Investment by 7.0% during the 1st quarter. California Public Employees Retirement System now owns 509,538 shares of the insurance provider’s stock worth $13,375,000 after acquiring an additional 33,264 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of MGIC Investment by 20.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 23,982 shares of the insurance provider’s stock worth $630,000 after acquiring an additional 4,085 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of MGIC Investment by 9.9% during the 1st quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 141,800 shares of the insurance provider’s stock worth $3,722,000 after acquiring an additional 12,800 shares in the last quarter. Finally, Calamos Wealth Management LLC purchased a new stake in MGIC Investment during the first quarter valued at approximately $308,000. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Activity at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the sale, the chief operating officer owned 560,951 shares in the company, valued at $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the transaction, the executive vice president directly owned 169,620 shares of the company’s stock, valued at approximately $4,333,791. This trade represents a 10.99% decrease in their position. 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. Insiders own 1.34% of the company’s stock.

MGIC Investment Stock Down 0.9%

Shares of MTG stock opened at $29.06 on Wednesday. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $29.97. The firm has a market capitalization of $6.15 billion, a PE ratio of 9.23, a P/E/G ratio of 2.02 and a beta of 0.67. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.14 and a current ratio of 1.14. The stock’s 50-day simple moving average is $26.81 and its 200-day simple moving average is $26.90.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. The firm 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%.MGIC Investment’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 earnings per share. Equities analysts expect that MGIC Investment Corporation will post 3.05 earnings per share for the current year.

MGIC Investment Dividend Announcement

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

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

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.