Vise Technologies Inc. purchased a new position in shares of MGIC Investment Corporation (NYSE:MTG – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 68,765 shares of the insurance provider’s stock, valued at approximately $1,939,000.
Several other institutional investors also recently added to or reduced their stakes in MTG. Newbridge Financial Services Group Inc. purchased a new stake in MGIC Investment in the third quarter valued at approximately $28,000. SBI Securities Co. Ltd. grew its position in shares of MGIC Investment by 40.3% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 420 shares during the last quarter. Geneos Wealth Management Inc. grew its position in shares of 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 acquiring an additional 817 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of MGIC Investment in the 2nd quarter valued at $62,000. Finally, Harbor Investment Advisory LLC increased its holdings in shares of MGIC Investment by 613.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock valued at $73,000 after acquiring an additional 2,213 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.
Insiders Place Their Bets
In other news, 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 sale, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. This trade represents a 10.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 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 directly owned 560,951 shares in the company, valued at approximately $14,236,936.38. The trade was a 5.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 70,937 shares of company stock valued at $1,902,340. 1.34% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Get Our Latest Stock Report on MTG
MGIC Investment Trading Up 0.5%
NYSE:MTG opened at $30.85 on Friday. The firm has a market cap of $6.33 billion, a P/E ratio of 9.64, a PEG ratio of 0.78 and a beta of 0.66. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.13. The stock’s 50 day simple moving average is $29.00 and its 200-day simple moving average is $27.40. MGIC Investment Corporation has a 12-month low of $24.69 and a 12-month high of $31.89.
MGIC Investment (NYSE:MTG – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.11. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The firm 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 company earned $0.82 earnings per share. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. Equities analysts anticipate that MGIC Investment Corporation will post 3.24 EPS for the current year.
MGIC Investment Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Wednesday, August 5th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s payout ratio is currently 21.25%.
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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