Ridgeline Wealth Planning LLC Has $1.81 Million Stake in MGIC Investment Corporation $MTG

Ridgeline Wealth Planning LLC reduced its holdings in MGIC Investment Corporation (NYSE:MTG) by 23.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,856 shares of the insurance provider’s stock after selling 19,933 shares during the quarter. MGIC Investment accounts for about 1.4% of Ridgeline Wealth Planning LLC’s investment portfolio, making the stock its 12th largest holding. Ridgeline Wealth Planning LLC’s holdings in MGIC Investment were worth $1,812,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. True Wealth Design LLC grew its position in shares of MGIC Investment by 262.5% in the 2nd quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 727 shares during the period. Alpine Bank Wealth Management bought a new position in MGIC Investment in the third quarter valued at approximately $28,000. Hantz Financial Services Inc. lifted its stake in MGIC Investment by 3,067.6% in the second quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock valued at $30,000 after buying an additional 1,043 shares in the last quarter. Employees Retirement System of Texas acquired a new position in shares of MGIC Investment in the second quarter valued at approximately $32,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of MGIC Investment by 118.0% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,308 shares of the insurance provider’s stock valued at $36,000 after buying an additional 708 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analysts Set New Price Targets

MTG has been the topic of a number of research analyst reports. Barclays raised their price objective on shares of MGIC Investment from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 6th. Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods lifted their price target on MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, MGIC Investment has a consensus rating of “Hold” and a consensus target price of $28.00.

Insiders Place Their Bets

In related news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $27.44, for a total value of $548,800.00. Following the completion of the transaction, the executive vice president directly owned 117,395 shares of the company’s stock, valued at approximately $3,221,318.80. This trade represents a 14.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the business’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the transaction, the chief executive officer owned 822,588 shares in the company, valued at approximately $21,806,807.88. The trade was a 14.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 189,203 shares of company stock valued at $5,064,672 in the last 90 days. 1.05% of the stock is currently owned by insiders.

MGIC Investment Stock Up 0.8%

MGIC Investment stock opened at $26.40 on Friday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.12. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.97. The company has a fifty day simple moving average of $28.53 and a 200 day simple moving average of $27.72. The company has a market cap of $5.91 billion, a P/E ratio of 8.49, a price-to-earnings-growth ratio of 1.47 and a beta of 0.84.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, October 29th. The insurance provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.72 by $0.11. The firm had revenue of $304.51 million for the quarter, compared to analysts’ expectations of $308.16 million. MGIC Investment had a net margin of 61.96% and a return on equity of 14.62%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.77 EPS. Research analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Thursday, November 6th. MGIC Investment’s dividend payout ratio (DPR) is currently 19.29%.

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.