Evolve Private Wealth LLC Invests $3.32 Million in MGIC Investment Corporation $MTG

Evolve Private Wealth LLC bought a new position in MGIC Investment Corporation (NYSE:MTGFree Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 113,707 shares of the insurance provider’s stock, valued at approximately $3,323,000. Evolve Private Wealth LLC owned 0.05% of MGIC Investment as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Engineers Gate Manager LP lifted its holdings in shares of MGIC Investment by 3.2% in the 4th quarter. Engineers Gate Manager LP now owns 176,702 shares of the insurance provider’s stock worth $5,163,000 after acquiring an additional 5,474 shares during the last quarter. Boothbay Fund Management LLC bought a new position in shares of MGIC Investment during the fourth quarter valued at approximately $472,000. AQR Capital Management LLC boosted its stake in shares of MGIC Investment by 31.3% during the 4th quarter. AQR Capital Management LLC now owns 11,616,282 shares of the insurance provider’s stock valued at $339,428,000 after purchasing an additional 2,771,533 shares in the last quarter. Cetera Investment Advisers boosted its position in MGIC Investment by 13.1% during the 4th quarter. Cetera Investment Advisers now owns 16,001 shares of the insurance provider’s stock valued at $468,000 after acquiring an additional 1,856 shares in the last quarter. Finally, Amundi grew its stake in MGIC Investment by 17.8% in the fourth quarter. Amundi now owns 89,339 shares of the insurance provider’s stock worth $2,610,000 after purchasing an additional 13,503 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Down 0.5%

NYSE:MTG opened at $26.24 on Thursday. The company has a market cap of $5.55 billion, a price-to-earnings ratio of 8.33, a price-to-earnings-growth ratio of 1.81 and a beta of 0.68. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a twelve month low of $24.69 and a twelve month high of $29.97. The stock has a fifty day simple moving average of $26.58 and a 200-day simple moving average of $27.07.

MGIC Investment (NYSE:MTGGet Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.73 by $0.03. The firm had revenue of $297.08 million for the quarter, compared to analyst estimates of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The business’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.75 earnings per share. Analysts anticipate that MGIC Investment Corporation will post 3.06 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Wednesday, May 6th. MGIC Investment’s dividend payout ratio is presently 19.05%.

MGIC Investment declared that its board has approved a share buyback plan on Thursday, April 23rd that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire up to 12.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

MTG has been the topic of a number of recent research reports. Royal Bank Of Canada assumed coverage on MGIC Investment in a research note on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 target price on the stock. Barclays cut their price objective on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of MGIC Investment in a report on Monday. Keefe, Bruyette & Woods raised their price objective on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, April 10th. Finally, UBS Group decreased their price objective on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, MGIC Investment currently has a consensus rating of “Hold” and a consensus price target of $28.25.

Read Our Latest Report on MTG

Insider Activity

In other news, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the completion of the sale, the chief operating officer owned 560,951 shares of the company’s stock, valued at $14,236,936.38. The trade was a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.55, for a total value of $534,940.35. Following the completion of the transaction, the executive vice president owned 169,620 shares in the company, valued at $4,333,791. The trade was a 10.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 201,070 shares of company stock valued at $5,270,740. Company insiders own 1.34% of the company’s stock.

MGIC Investment Profile

(Free Report)

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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Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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