Evolve Private Wealth LLC Takes $2.93 Million Position in MGIC Investment Corporation $MTG

Evolve Private Wealth LLC bought a new position in shares of MGIC Investment Corporation (NYSE:MTG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 103,818 shares of the insurance provider’s stock, valued at approximately $2,928,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Newbridge Financial Services Group Inc. acquired a new position in shares of MGIC Investment during the 3rd quarter worth about $28,000. SBI Securities Co. Ltd. raised its position in shares of MGIC Investment by 40.3% during the 4th 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 in the last quarter. Geneos Wealth Management Inc. lifted its stake in 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 purchasing an additional 817 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in MGIC Investment in the second quarter valued at approximately $62,000. Finally, Harbor Investment Advisory LLC boosted its holdings in MGIC Investment by 613.0% in the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock valued at $73,000 after purchasing an additional 2,213 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.55, for a total transaction of $534,940.35. Following the transaction, the executive vice president owned 169,620 shares of the company’s stock, valued at approximately $4,333,791. This represents a 10.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the transaction, the chief operating officer directly owned 560,951 shares in the company, valued at $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 three months, insiders sold 70,937 shares of company stock valued at $1,902,340. Company insiders own 1.34% of the company’s stock.

MGIC Investment Stock Up 0.5%

MTG opened at $30.85 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13. The firm has a market cap of $6.33 billion, a P/E ratio of 9.64, a PEG ratio of 0.79 and a beta of 0.66. MGIC Investment Corporation has a 52 week low of $24.69 and a 52 week high of $31.89. The business’s fifty day simple moving average is $29.00 and its 200 day simple moving average is $27.40.

MGIC Investment (NYSE:MTG) last posted 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 analysts’ expectations of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.82 EPS. As a group, equities research analysts anticipate that MGIC Investment Corporation will post 3.24 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th were given a $0.17 dividend. This is a boost from MGIC Investment’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, August 5th. MGIC Investment’s dividend payout ratio (DPR) is presently 21.25%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Barclays cut their target price on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Roth Capital restated a “buy” rating and set a $35.00 price objective on shares of MGIC Investment in a research report on Thursday, July 30th. Royal Bank Of Canada raised their price target on MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Keefe, Bruyette & Woods boosted their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a report on Friday, July 31st. Finally, Weiss Ratings raised MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.60.

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.