ProShare Advisors LLC Purchases 553 Shares of MGIC Investment Co. (NYSE:MTG)

ProShare Advisors LLC increased its position in shares of MGIC Investment Co. (NYSE:MTG) by 4.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,854 shares of the insurance provider’s stock after acquiring an additional 553 shares during the quarter. ProShare Advisors LLC’s holdings in MGIC Investment were worth $281,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Venturi Wealth Management LLC raised 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 lifted its position in MGIC Investment by 61.9% during the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 794 shares during the period. Physician Wealth Advisors Inc. purchased a new position in shares of MGIC Investment during the 4th quarter valued at about $54,000. EverSource Wealth Advisors LLC lifted its holdings in 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 acquiring an additional 419 shares during the period. Finally, Cary Street Partners Financial LLC purchased a new stake in MGIC Investment in the 4th quarter worth approximately $209,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Price Performance

NYSE:MTG opened at $26.45 on Friday. MGIC Investment Co. has a 52 week low of $20.35 and a 52 week high of $26.92. The stock’s fifty day moving average is $25.06 and its two-hundred day moving average is $24.63. The company has a market capitalization of $6.28 billion, a P/E ratio of 9.12 and a beta of 0.91. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.09. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The company had revenue of $306.23 million for the quarter, compared to analysts’ expectations of $306.66 million. During the same quarter in the prior year, the company posted $0.65 earnings per share. MGIC Investment’s revenue for the quarter was up 4.0% compared to the same quarter last year. Equities analysts expect that MGIC Investment Co. will post 2.71 EPS for the current year.

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

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Thursday, May 8th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.97%. MGIC Investment’s payout ratio is currently 17.28%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MTG. Compass Point reissued a “neutral” rating and set a $28.00 price target (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. UBS Group lifted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods reduced their price objective on shares of MGIC Investment from $28.00 to $26.00 and set a “market perform” rating for the company in a research report on Tuesday, April 8th. Finally, Barclays increased their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $26.63.

MGIC Investment Company Profile

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.