Oxbow Advisors LLC bought a new position in MGIC Investment Corporation (NYSE:MTG – Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 25,000 shares of the insurance provider’s stock, valued at approximately $705,000.
Several other institutional investors and hedge funds have also made changes to their positions in MTG. SBI Securities Co. Ltd. grew its holdings 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 during the last quarter. Compound Planning Inc. increased its stake in MGIC Investment by 4.3% in the 1st quarter. Compound Planning Inc. now owns 10,392 shares of the insurance provider’s stock worth $273,000 after buying an additional 433 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in 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 holdings in 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 position 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 valued at $794,000 after buying an additional 535 shares during the period. 95.58% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other MGIC Investment news, EVP Paula C. Maggio sold 20,937 shares of the stock in a transaction 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 sale, the executive vice president owned 169,620 shares of the company’s stock, valued at approximately $4,333,791. This trade represents a 10.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction on Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the transaction, the chief operating officer owned 560,951 shares in the company, valued at $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 70,937 shares of company stock valued at $1,902,340 in the last three months. 1.34% of the stock is currently owned by insiders.
MGIC Investment Stock Up 0.2%
MGIC Investment (NYSE:MTG – Get Free Report) last posted its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.11. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The business had revenue of $295.39 million for the quarter, compared to the consensus estimate of $297.54 million. During the same quarter last year, the firm posted $0.82 EPS. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. As a group, research analysts expect that MGIC Investment Corporation will post 3.21 earnings per share for the current fiscal year.
MGIC Investment announced that its Board of Directors has authorized a share repurchase 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 buy up to 12.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
MGIC Investment Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Wednesday, August 5th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.2%. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, August 5th. MGIC Investment’s payout ratio is presently 21.25%.
Wall Street Analyst Weigh In
MTG has been the topic of a number of research analyst reports. 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. Keefe, Bruyette & Woods lifted their price target on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Royal Bank Of Canada boosted their price target on MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Roth Capital reissued a “buy” rating and issued a $35.00 price objective on shares of MGIC Investment in a research note on Thursday, July 30th. Finally, Barclays reduced their price objective on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $30.60.
Get Our Latest Research Report on MGIC Investment
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.
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