Twin Lakes Capital Management LLC bought a new stake in MGIC Investment Corporation (NYSE:MTG – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 24,233 shares of the insurance provider’s stock, valued at approximately $683,000.
Several other institutional investors also recently added to or reduced their stakes in MTG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of MGIC Investment in the first quarter worth $2,397,000. Goldman Sachs Group Inc. raised its stake in MGIC Investment by 6.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock valued at $76,901,000 after purchasing an additional 195,895 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in MGIC Investment by 88.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 817 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in MGIC Investment in the 2nd quarter valued at $425,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in MGIC Investment by 18.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,211 shares of the insurance provider’s stock valued at $145,000 after purchasing an additional 830 shares during the period. 95.58% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of research analysts have recently commented on the stock. Roth Capital reaffirmed a “buy” rating and set a $35.00 price objective on shares of MGIC Investment in a research report on Thursday, July 30th. Royal Bank Of Canada lifted their target price on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Weiss Ratings upgraded MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods upped their price target on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, July 31st. Finally, Zacks Research raised MGIC Investment from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.60.
Insider Transactions at MGIC Investment
In other news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the sale, the chief operating officer directly owned 560,951 shares in the company, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $30.30, for a total value of $606,000.00. Following the completion of the transaction, the executive vice president directly owned 149,620 shares of the company’s stock, valued at approximately $4,533,486. The trade was a 11.79% 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 Stock Performance
Shares of MGIC Investment stock opened at $31.08 on Friday. MGIC Investment Corporation has a 52-week low of $24.69 and a 52-week high of $31.89. The firm has a market capitalization of $6.38 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. The company’s fifty day moving average price is $29.51 and its two-hundred day moving average price is $27.55.
MGIC Investment (NYSE:MTG – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, topping 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 company had revenue of $295.39 million during the quarter, compared to the consensus estimate of $297.54 million. During the same period last year, the firm earned $0.82 EPS. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, analysts expect that MGIC Investment Corporation will post 3.24 EPS for the current year.
MGIC Investment Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were paid a dividend of $0.17 per share. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Wednesday, August 5th. MGIC Investment’s dividend payout ratio is 21.25%.
MGIC Investment 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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