Allianz Asset Management GmbH Purchases 48,064 Shares of MGIC Investment Corporation $MTG

Allianz Asset Management GmbH lifted its position in MGIC Investment Corporation (NYSE:MTG) by 1.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,010,157 shares of the insurance provider’s stock after buying an additional 48,064 shares during the quarter. Allianz Asset Management GmbH’s holdings in MGIC Investment were worth $146,397,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Newbridge Financial Services Group Inc. acquired a new position in shares of MGIC Investment during the third quarter worth approximately $28,000. SBI Securities Co. Ltd. lifted its holdings in shares of MGIC Investment by 61.1% during the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock worth $30,000 after buying an additional 395 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in shares of MGIC Investment during the fourth quarter worth approximately $36,000. Abich Financial Wealth Management LLC acquired a new position in shares of MGIC Investment during the third quarter worth approximately $42,000. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after buying an additional 817 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Performance

MGIC Investment stock opened at $25.55 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a fifty day moving average price of $26.65 and a two-hundred day moving average price of $27.17. MGIC Investment Corporation has a 52-week low of $24.69 and a 52-week high of $29.97. The firm has a market capitalization of $5.40 billion, a P/E ratio of 8.11, a P/E/G ratio of 1.73 and a beta of 0.68.

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

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Wednesday, May 6th. MGIC Investment’s dividend payout ratio is presently 19.05%.

MGIC Investment announced that its Board of Directors has approved a stock repurchase 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 buy up to 12.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MTG shares. Barclays cut their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. UBS Group cut their price target on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a report on Thursday, March 12th. Keefe, Bruyette & Woods upped 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. Finally, Royal Bank Of Canada started coverage on MGIC Investment in a report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price target for the company. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, MGIC Investment has an average rating of “Hold” and an average target price of $28.25.

Insider Transactions at MGIC Investment

In other news, CEO Timothy J. Mattke sold 139,202 shares of the stock in a transaction on 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 approximately $29,615,952.45. This represents a 11.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.55, for a total value of $534,940.35. Following the sale, the executive vice president owned 169,620 shares in the company, valued at $4,333,791. The trade was a 10.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 201,070 shares of company stock worth $5,270,740. Insiders own 1.34% of the company’s stock.

MGIC Investment Company 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.