Ontario Teachers Pension Plan Board Raises Holdings in MGIC Investment Corporation $MTG

Ontario Teachers Pension Plan Board boosted its position in shares of MGIC Investment Corporation (NYSE:MTG) by 15.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 92,980 shares of the insurance provider’s stock after acquiring an additional 12,307 shares during the period. Ontario Teachers Pension Plan Board’s holdings in MGIC Investment were worth $2,589,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Millennium Management LLC grew its holdings in shares of MGIC Investment by 913.6% in the first quarter. Millennium Management LLC now owns 2,300,596 shares of the insurance provider’s stock valued at $57,009,000 after purchasing an additional 2,073,633 shares in the last quarter. Allianz Asset Management GmbH grew its stake in shares of MGIC Investment by 40.6% in the 2nd quarter. Allianz Asset Management GmbH now owns 5,398,356 shares of the insurance provider’s stock worth $150,290,000 after buying an additional 1,557,970 shares in the last quarter. Jane Street Group LLC raised its position in shares of MGIC Investment by 5,891.9% during the 1st quarter. Jane Street Group LLC now owns 1,373,050 shares of the insurance provider’s stock valued at $34,024,000 after buying an additional 1,350,135 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of MGIC Investment in the 2nd quarter valued at about $29,139,000. Finally, JPMorgan Chase & Co. grew its position in MGIC Investment by 4.8% in the first quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider’s stock worth $400,499,000 after acquiring an additional 743,212 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $27.52, for a total value of $825,600.00. Following the transaction, the chief operating officer directly owned 159,401 shares of the company’s stock, valued at $4,386,715.52. This represents a 15.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of the firm’s stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the completion of the transaction, the chief executive officer owned 961,791 shares of the company’s stock, valued at $26,054,918.19. This trade represents a 12.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 219,203 shares of company stock worth $5,989,909. Company insiders own 1.05% of the company’s stock.

MGIC Investment Stock Down 0.0%

MGIC Investment stock opened at $28.19 on Friday. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.01. The business has a fifty day moving average price of $27.76 and a 200-day moving average price of $27.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. The stock has a market capitalization of $6.31 billion, a price-to-earnings ratio of 9.06, a PEG ratio of 1.91 and a beta of 0.92.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.The business had revenue of $304.51 million for the quarter, compared to analyst estimates of $308.16 million. During the same quarter in the previous year, the firm earned $0.77 earnings per share. The company’s revenue was down .7% on a year-over-year basis. Equities research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, November 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.1%. MGIC Investment’s dividend payout ratio (DPR) is currently 19.29%.

Analyst Upgrades and Downgrades

MTG has been the subject of several analyst reports. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. Barclays lifted their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research note on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.80.

MGIC Investment Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.