Ritholtz Wealth Management Raises Holdings in MGIC Investment Corporation $MTG

Ritholtz Wealth Management increased its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 20.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,630 shares of the insurance provider’s stock after purchasing an additional 23,377 shares during the period. Ritholtz Wealth Management owned 0.06% of MGIC Investment worth $3,961,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. FCG Investment Co purchased a new stake in MGIC Investment during the 2nd quarter worth about $846,000. Sequoia Financial Advisors LLC acquired a new stake in shares of MGIC Investment during the 2nd quarter worth about $568,000. North Star Asset Management Inc. purchased a new stake in shares of MGIC Investment during the second quarter worth about $375,000. Moody Aldrich Partners LLC purchased a new stake in shares of MGIC Investment during the third quarter worth about $4,648,000. Finally, WINTON GROUP Ltd acquired a new position in shares of MGIC Investment in the second quarter valued at approximately $6,797,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Buying and Selling

In related news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $27.44, for a total value of $548,800.00. Following the transaction, the executive vice president owned 117,395 shares in the company, valued at approximately $3,221,318.80. This trade represents a 14.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the transaction, the chief executive officer directly owned 822,588 shares in the company, valued at approximately $21,806,807.88. This trade represents a 14.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 189,203 shares of company stock valued at $5,064,672. 1.05% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MTG has been the topic of a number of analyst reports. Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods increased their price target on MGIC Investment from $27.00 to $28.00 and gave the stock a “market perform” rating in a research note on Thursday, December 18th. Finally, Barclays lifted their price objective on MGIC Investment from $28.00 to $30.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $28.00.

MGIC Investment Stock Up 0.8%

Shares of MTG opened at $26.40 on Friday. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $29.97. The company’s fifty day moving average is $28.53 and its two-hundred day moving average is $27.72. The firm has a market cap of $5.91 billion, a PE ratio of 8.49, a price-to-earnings-growth ratio of 1.45 and a beta of 0.84. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.11. MGIC Investment had a return on equity of 14.62% and a net margin of 61.96%.The business had revenue of $304.51 million for the quarter, compared to analyst estimates of $308.16 million. During the same period last year, the company posted $0.77 EPS. The business’s quarterly revenue was down .7% on a year-over-year basis. Analysts forecast that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, November 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.3%. MGIC Investment’s payout ratio is presently 19.29%.

About MGIC Investment

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.