WBI Investments LLC Invests $879,000 in MGIC Investment Corporation $MTG

WBI Investments LLC bought a new stake in shares of MGIC Investment Corporation (NYSE:MTG) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 31,559 shares of the insurance provider’s stock, valued at approximately $879,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Millennium Management LLC raised its stake in MGIC Investment by 913.6% during 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 increased its holdings in shares of MGIC Investment by 5,891.9% in the 1st quarter. Jane Street Group LLC now owns 1,373,050 shares of the insurance provider’s stock worth $34,024,000 after buying an additional 1,350,135 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of MGIC Investment during the 2nd quarter valued at about $29,139,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of MGIC Investment by 4.8% in the 1st quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider’s stock valued at $400,499,000 after acquiring an additional 743,212 shares during the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Stock Performance

MGIC Investment stock opened at $27.83 on Wednesday. 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 firm has a market capitalization of $6.23 billion, a P/E ratio of 8.95, a price-to-earnings-growth ratio of 1.91 and a beta of 0.92. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.01. The company’s 50-day moving average is $27.73 and its 200 day moving average is $27.13.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $308.16 million. During the same quarter in the previous year, the business earned $0.77 earnings per share. The company’s revenue for the quarter was down .7% compared to the same quarter last year. Research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, November 6th. MGIC Investment’s dividend payout ratio is 19.29%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Weiss Ratings reissued a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. Barclays lifted their target price on MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a report on Monday, October 6th. One equities 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 MarketBeat, the company has a consensus rating of “Hold” and an average target price of $26.80.

Insiders Place Their Bets

In other news, CEO Timothy J. Mattke sold 139,203 shares of the company’s stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $27.09, for a total value of $3,771,009.27. Following the transaction, the chief executive officer directly owned 961,791 shares in the company, valued at approximately $26,054,918.19. This represents a 12.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $27.44, for a total transaction of $548,800.00. Following the sale, the executive vice president owned 117,395 shares of the company’s stock, valued at $3,221,318.80. The trade was a 14.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 219,203 shares of company stock worth $5,989,909 over the last quarter. Company insiders own 1.05% of the company’s stock.

MGIC Investment Company 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.