Corient Private Wealth LLC boosted its stake in shares of MGIC Investment Corporation (NYSE:MTG – Free Report) by 21.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 219,460 shares of the insurance provider’s stock after buying an additional 39,072 shares during the quarter. Corient Private Wealth LLC’s holdings in MGIC Investment were worth $6,413,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in MGIC Investment in the 1st quarter valued at $2,397,000. Goldman Sachs Group Inc. boosted its position in MGIC Investment by 6.7% during the first quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock worth $76,901,000 after purchasing an additional 195,895 shares during the period. Geneos Wealth Management Inc. boosted its position in MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 817 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of MGIC Investment in the second quarter valued at $425,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of MGIC Investment by 18.9% in the second 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 last quarter. Institutional investors own 95.58% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have recently issued reports on MTG. UBS Group cut their target price on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, March 12th. Royal Bank Of Canada assumed coverage on shares of MGIC Investment in a report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 target price for the company. Keefe, Bruyette & Woods upped their price target on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, April 10th. Weiss Ratings reissued a “buy (b)” rating on shares of MGIC Investment in a report on Monday, June 15th. Finally, Barclays cut their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $28.25.
MGIC Investment Price Performance
MTG stock opened at $27.36 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 12 month low of $24.69 and a 12 month high of $29.97. The firm has a market cap of $5.79 billion, a P/E ratio of 8.69, a P/E/G ratio of 1.86 and a beta of 0.68. The company’s 50-day moving average price is $26.49 and its two-hundred day moving average price is $27.00.
MGIC Investment (NYSE:MTG – Get Free Report) last issued its 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. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The company had revenue of $297.08 million during the quarter, compared to analysts’ expectations of $303.12 million. During the same period in the previous year, the company earned $0.75 EPS. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. On average, analysts anticipate that MGIC Investment Corporation will post 3.05 earnings per share for the current fiscal year.
MGIC Investment Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Wednesday, May 6th. MGIC Investment’s dividend payout ratio (DPR) is 19.05%.
MGIC Investment announced that its board has authorized a stock repurchase plan on Thursday, April 23rd that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
Insider Buying and Selling at MGIC Investment
In other MGIC Investment news, CEO Timothy J. Mattke sold 139,202 shares of the company’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.49, for a total transaction of $3,687,460.98. Following the completion of the sale, the chief executive officer directly owned 1,118,005 shares in the company, valued at $29,615,952.45. This represents a 11.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction 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 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 201,070 shares of company stock worth $5,270,740 over the last three months. Corporate insiders own 1.34% of the company’s stock.
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.
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