Hsbc Holdings PLC Raises Stake in MGIC Investment Co. (NYSE:MTG)

Hsbc Holdings PLC boosted its holdings in MGIC Investment Co. (NYSE:MTG) by 2,492.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 237,014 shares of the insurance provider’s stock after acquiring an additional 227,871 shares during the quarter. Hsbc Holdings PLC owned 0.09% of MGIC Investment worth $5,633,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. UMB Bank n.a. increased its stake in MGIC Investment by 131.9% in the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 938 shares during the last quarter. Venturi Wealth Management LLC increased its stake in MGIC Investment by 102.1% in the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 918 shares during the last quarter. V Square Quantitative Management LLC increased its stake in MGIC Investment by 61.9% in the 4th quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 794 shares during the last quarter. Physician Wealth Advisors Inc. bought a new position in MGIC Investment in the 4th quarter worth about $54,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of 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. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Price Performance

MTG opened at $24.57 on Tuesday. The stock’s 50 day simple moving average is $23.86 and its 200 day simple moving average is $24.45. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. MGIC Investment Co. has a 1 year low of $20.02 and a 1 year high of $26.56. The firm has a market cap of $5.96 billion, a price-to-earnings ratio of 8.47 and a beta of 0.93.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. As a group, analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment declared that its Board of Directors has approved a stock buyback program on Thursday, April 24th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to purchase up to 12.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 21st. Investors of record on Thursday, May 8th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Thursday, May 8th. MGIC Investment’s dividend payout ratio (DPR) is currently 17.93%.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $24.55, for a total value of $112,930.00. Following the completion of the transaction, the chief accounting officer now directly owns 75,070 shares in the company, valued at approximately $1,842,968.50. This represents a 5.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.05% of the company’s stock.

Analyst Upgrades and Downgrades

MTG has been the topic of several recent research reports. Keefe, Bruyette & Woods reduced 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. UBS Group increased their price objective on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Compass Point reiterated a “neutral” rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Finally, Barclays increased their price objective on MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, MGIC Investment presently has a consensus rating of “Hold” and an average target price of $26.50.

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.