61,187 Shares in MGIC Investment Corporation (NYSE:MTG) Acquired by Lecap Asset Management Ltd.

Lecap Asset Management Ltd. bought a new position in shares of MGIC Investment Corporation (NYSE:MTG) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 61,187 shares of the insurance provider’s stock, valued at approximately $1,516,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTG. Venturi Wealth Management LLC increased its holdings in shares of MGIC Investment by 102.1% in the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock valued at $43,000 after buying an additional 918 shares in the last quarter. Physician Wealth Advisors Inc. bought a new position in shares of MGIC Investment in the fourth quarter valued at $54,000. EverSource Wealth Advisors LLC increased its holdings in shares of MGIC Investment by 21.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider’s stock valued at $55,000 after buying an additional 419 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of MGIC Investment by 61.3% in the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider’s stock valued at $66,000 after buying an additional 1,011 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider’s stock valued at $68,000 after buying an additional 461 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

MTG has been the topic of several research reports. Keefe, Bruyette & Woods dropped their price target on MGIC Investment from $28.00 to $26.00 and set a “market perform” rating on the stock in a report on Tuesday, April 8th. Compass Point reissued a “neutral” rating and set a $28.00 target price (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. 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 stock. According to data from MarketBeat, MGIC Investment presently has an average rating of “Hold” and a consensus price target of $26.63.

Insider Activity

In related news, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.49, for a total value of $529,800.00. Following the completion of the sale, the executive vice president now directly 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 SEC, which is accessible through this link. 1.05% of the stock is currently owned by corporate insiders.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $27.46 on Thursday. The company’s fifty day moving average is $26.05 and its two-hundred day moving average is $24.79. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 12-month low of $20.96 and a 12-month high of $28.28. The company has a market cap of $6.52 billion, a P/E ratio of 9.12, a price-to-earnings-growth ratio of 2.57 and a beta of 0.89.

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

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.89%. The ex-dividend date was Thursday, May 8th. MGIC Investment’s dividend payout ratio is currently 17.28%.

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

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.