NewEdge Wealth LLC Has $64.37 Million Stake in MGIC Investment Corporation $MTG

NewEdge Wealth LLC raised its position in shares of MGIC Investment Corporation (NYSE:MTG) by 12.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,452,355 shares of the insurance provider’s stock after acquiring an additional 268,753 shares during the quarter. MGIC Investment comprises 0.8% of NewEdge Wealth LLC’s investment portfolio, making the stock its 28th biggest holding. NewEdge Wealth LLC’s holdings in MGIC Investment were worth $64,374,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MTG. Norges Bank bought a new position in shares of MGIC Investment during the 4th quarter worth about $96,248,000. AQR Capital Management LLC grew its holdings in MGIC Investment by 92.4% during the second quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock worth $176,313,000 after buying an additional 3,041,446 shares in the last quarter. Arbejdsmarkedets Tillaegspension bought a new stake in shares of MGIC Investment in the 4th quarter worth $24,456,000. Jane Street Group LLC grew its position in MGIC Investment by 71.2% in the 4th quarter. Jane Street Group LLC now owns 1,739,877 shares of the insurance provider’s stock worth $50,839,000 after purchasing an additional 723,480 shares in the last quarter. Finally, Caisse de depot et placement du Quebec grew its holdings in shares of MGIC Investment by 20.4% in the third quarter. Caisse de depot et placement du Quebec now owns 3,943,965 shares of the insurance provider’s stock valued at $111,890,000 after acquiring an additional 667,876 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.55, for a total value 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 transaction was disclosed in a document filed with the SEC, which can be accessed through 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 on Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction of $761,400.00. Following the completion of the transaction, the chief operating officer directly owned 560,951 shares in the company, valued at approximately $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. 1.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MTG shares. Barclays decreased their price objective 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. Royal Bank Of Canada assumed coverage on MGIC Investment in a report on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 price target for the company. Keefe, Bruyette & Woods lifted their price target on MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, April 10th. Finally, Weiss Ratings upgraded MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $28.25.

MGIC Investment Price Performance

MTG stock opened at $29.05 on Thursday. The firm has a 50 day moving average of $26.87 and a 200-day moving average of $26.90. The firm has a market capitalization of $6.14 billion, a P/E ratio of 9.22, a price-to-earnings-growth ratio of 2.01 and a beta of 0.67. MGIC Investment Corporation has a 12 month low of $24.69 and a 12 month high of $29.97. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The business had revenue of $297.08 million for the quarter, compared to analyst estimates of $303.12 million. During the same quarter in the prior year, the firm posted $0.75 EPS. MGIC Investment’s revenue was down 3.0% on a year-over-year basis. As a group, sell-side analysts predict that MGIC Investment Corporation will post 3.05 earnings per share for the current fiscal year.

MGIC Investment declared that its Board of Directors has authorized a share repurchase program on Thursday, April 23rd that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the insurance provider to purchase up to 12.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.