Hsbc Holdings PLC Purchases 204,349 Shares of MGIC Investment Corporation $MTG

Hsbc Holdings PLC grew its position in shares of MGIC Investment Corporation (NYSE:MTG) by 98.5% during the first quarter, HoldingsChannel reports. The institutional investor owned 411,761 shares of the insurance provider’s stock after purchasing an additional 204,349 shares during the period. Hsbc Holdings PLC’s holdings in MGIC Investment were worth $10,809,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MTG. AQR Capital Management LLC raised its holdings in MGIC Investment by 31.3% in the 4th quarter. AQR Capital Management LLC now owns 11,616,282 shares of the insurance provider’s stock worth $339,428,000 after acquiring an additional 2,771,533 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of MGIC Investment by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock worth $163,368,000 after purchasing an additional 146,589 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in shares of MGIC Investment by 1.0% in the 4th quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider’s stock worth $146,397,000 after purchasing an additional 48,064 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of MGIC Investment by 1.7% during the fourth quarter. First Trust Advisors LP now owns 4,609,318 shares of the insurance provider’s stock valued at $134,684,000 after purchasing an additional 76,306 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of MGIC Investment by 10.7% during the third quarter. Northern Trust Corp now owns 4,561,398 shares of the insurance provider’s stock valued at $129,407,000 after purchasing an additional 441,809 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

Insider Buying and Selling

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the completion of the sale, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 stock in a transaction that occurred 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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.34% of the company’s stock.

MGIC Investment Stock Down 0.2%

MGIC Investment stock opened at $29.05 on Thursday. 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 of $26.87 and a 200 day moving average of $26.90. 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 has a market cap of $6.14 billion, a PE ratio of 9.22, a price-to-earnings-growth ratio of 2.01 and a beta of 0.67.

MGIC Investment (NYSE:MTG) last announced its earnings results 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 business had revenue of $297.08 million for the quarter, compared to analysts’ expectations of $303.12 million. During the same period last year, the firm posted $0.75 earnings per share. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. As a group, sell-side analysts predict that MGIC Investment Corporation will post 3.05 EPS for the current year.

MGIC Investment declared that its board has authorized a stock buyback plan 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 stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

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