Deutsche Bank AG bought a new stake in MGIC Investment Corporation (NYSE:MTG – Free Report) during the 2nd quarter, Holdings Channel.com reports. The firm bought 124,494 shares of the insurance provider’s stock, valued at approximately $3,511,000.
Several other hedge funds have also recently added to or reduced their stakes in MTG. Newbridge Financial Services Group Inc. acquired a new position in shares of MGIC Investment in the 3rd quarter worth approximately $28,000. SBI Securities Co. Ltd. boosted its position in MGIC Investment by 40.3% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 420 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of MGIC Investment by 88.0% in the 1st 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of MGIC Investment in the 2nd quarter valued at about $62,000. Finally, Harbor Investment Advisory LLC grew its stake in MGIC Investment by 613.0% during the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock worth $73,000 after purchasing an additional 2,213 shares during the period. Institutional investors own 95.58% of the company’s stock.
Insiders Place Their Bets
In other news, COO Salvatore A. Miosi sold 30,000 shares of the company’s 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 sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $30.30, for a total transaction of $606,000.00. Following the transaction, the executive vice president directly owned 149,620 shares in the company, valued at $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. Insiders sold a total of 70,937 shares of company stock valued at $1,902,340 over the last three months. 1.34% of the stock is currently owned by insiders.
MGIC Investment Trading Up 0.1%
MGIC Investment (NYSE:MTG – Get Free Report) last issued 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. The firm had revenue of $295.39 million during the quarter, compared to analyst estimates of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.82 EPS. As a group, research analysts predict that MGIC Investment Corporation will post 3.24 earnings per share for the current fiscal year.
MGIC Investment Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Wednesday, August 5th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.2%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, August 5th. MGIC Investment’s dividend payout ratio is currently 21.25%.
Analyst Ratings Changes
Several brokerages have issued reports on MTG. 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 research note on Friday, July 31st. Barclays reduced their price target on shares of 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 upgraded shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Keefe, Bruyette & Woods raised their target price on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Finally, Roth Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of MGIC Investment in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.60.
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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