Healthcare of Ontario Pension Plan Trust Fund Sells 184,400 Shares of MGIC Investment Corporation $MTG

Healthcare of Ontario Pension Plan Trust Fund cut its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 72.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 69,600 shares of the insurance provider’s stock after selling 184,400 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in MGIC Investment were worth $1,827,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. increased its stake in shares of MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 420 shares in the last quarter. Compound Planning Inc. lifted its stake in shares of MGIC Investment by 4.3% during the 1st quarter. Compound Planning Inc. now owns 10,392 shares of the insurance provider’s stock valued at $273,000 after buying an additional 433 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its stake in shares of MGIC Investment by 1.1% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock valued at $1,181,000 after buying an additional 481 shares in the last quarter. Lido Advisors LLC lifted its stake in shares of MGIC Investment by 2.2% during the 4th quarter. Lido Advisors LLC now owns 23,799 shares of the insurance provider’s stock valued at $689,000 after buying an additional 522 shares in the last quarter. Finally, Victory Financial Group LLC boosted its holdings in MGIC Investment by 1.9% in the 3rd quarter. Victory Financial Group LLC now owns 27,994 shares of the insurance provider’s stock worth $794,000 after buying an additional 535 shares during the period. Institutional investors own 95.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MTG. Royal Bank Of Canada lifted their price objective on shares of MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a research note on Friday. Barclays dropped their target price on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Weiss Ratings raised MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods lifted their price target on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday. Finally, Roth Capital reiterated a “buy” rating and set a $35.00 price objective on shares of MGIC Investment in a research note on Thursday. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $30.60.

MGIC Investment Trading Down 1.3%

Shares of MGIC Investment stock opened at $30.04 on Friday. The company’s 50-day moving average price is $27.42 and its 200-day moving average price is $26.96. The company has a current ratio of 1.19, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 12-month low of $24.69 and a 12-month high of $31.89. The company has a market cap of $6.35 billion, a price-to-earnings ratio of 9.39, a PEG ratio of 2.07 and a beta of 0.67.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.76 by $0.11. The company had revenue of $295.39 million during the quarter, compared to analysts’ expectations of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. MGIC Investment’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.82 earnings per share. On average, equities analysts expect that MGIC Investment Corporation will post 3.09 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Wednesday, August 5th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s payout ratio is 21.25%.

MGIC Investment declared that its board has approved a stock buyback program on Thursday, April 23rd that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to purchase up to 12.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,937 shares of the business’s stock in a transaction on Friday, May 29th. The shares were 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 directly owned 169,620 shares in the company, valued at $4,333,791. The trade was a 10.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction 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 transaction, the chief operating officer owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This trade represents a 5.08% 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. 1.34% of the stock is owned by company insiders.

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.