NorthRock Partners LLC Invests $271,000 in MGIC Investment Corporation $MTG

NorthRock Partners LLC bought a new position in MGIC Investment Corporation (NYSE:MTG) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 9,725 shares of the insurance provider’s stock, valued at approximately $271,000.

Other institutional investors have also recently made changes to their positions in the company. WPG Advisers LLC bought a new stake in shares of MGIC Investment in the 1st quarter worth about $26,000. Cullen Frost Bankers Inc. bought a new stake in shares of MGIC Investment in the 1st quarter worth about $33,000. Quarry LP bought a new stake in shares of MGIC Investment in the 1st quarter worth about $38,000. Geneos Wealth Management Inc. lifted its holdings in shares of MGIC Investment by 88.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 817 shares during the last quarter. Finally, Harbor Capital Advisors Inc. bought a new stake in shares of MGIC Investment in the 2nd quarter worth about $49,000. Institutional investors own 95.58% of the company’s stock.

Insider Transactions at MGIC Investment

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,203 shares of the firm’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the transaction, the chief executive officer owned 1,100,994 shares of the company’s stock, valued at approximately $29,220,380.76. This trade represents a 11.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total transaction of $844,500.00. Following the transaction, the chief operating officer directly owned 189,401 shares in the company, valued at $5,331,638.15. This trade represents a 13.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 338,406 shares of company stock worth $9,096,557 in the last three months. Insiders own 1.05% of the company’s stock.

Wall Street Analyst Weigh In

MTG has been the subject of several analyst reports. Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. Barclays raised their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research note on Monday, October 6th. Finally, Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a research note on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $26.83.

MGIC Investment Trading Down 3.0%

MTG stock opened at $26.55 on Friday. The company has a market capitalization of $6.12 billion, a PE ratio of 8.70, a P/E/G ratio of 1.98 and a beta of 0.88. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $29.01. The firm’s 50-day moving average is $27.83 and its 200 day moving average is $26.52. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.12. The business had revenue of $304.25 million for the quarter, compared to the consensus estimate of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The company’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter last year, the firm posted $0.77 EPS. On average, research analysts anticipate that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were given a dividend of $0.15 per share. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.60 dividend on an annualized basis and a yield of 2.3%. MGIC Investment’s payout ratio is 19.67%.

MGIC Investment 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.