Ieq Capital LLC Takes $6.39 Million Position in MGIC Investment Corporation $MTG

Ieq Capital LLC purchased a new stake in shares of MGIC Investment Corporation (NYSE:MTG) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 226,592 shares of the insurance provider’s stock, valued at approximately $6,390,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in MGIC Investment in the 2nd quarter valued at about $618,467,000. AQR Capital Management LLC increased its position in shares of MGIC Investment by 31.3% during the fourth quarter. AQR Capital Management LLC now owns 11,616,282 shares of the insurance provider’s stock worth $339,428,000 after acquiring an additional 2,771,533 shares during the last quarter. Geode Capital Management LLC increased its position in shares of MGIC Investment by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock worth $163,368,000 after acquiring an additional 146,589 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in shares of MGIC Investment by 1.0% in the fourth quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider’s stock worth $146,397,000 after acquiring an additional 48,064 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of MGIC Investment by 1.7% in the fourth quarter. First Trust Advisors LP now owns 4,609,318 shares of the insurance provider’s stock worth $134,684,000 after acquiring an additional 76,306 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Price Performance

MTG opened at $30.85 on Monday. 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 company’s 50-day moving average price is $29.00 and its 200 day moving average price is $27.40. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $31.89. The firm has a market cap of $6.33 billion, a price-to-earnings ratio of 9.64, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.11. The company had revenue of $295.39 million during the quarter, compared to the consensus estimate of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.MGIC Investment’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.82 earnings per share. As a group, sell-side analysts expect that MGIC Investment Corporation will post 3.24 earnings per share for the current year.

MGIC Investment Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Wednesday, August 5th were issued a $0.17 dividend. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, August 5th. This represents a $0.68 annualized dividend and a dividend yield of 2.2%. MGIC Investment’s dividend payout ratio (DPR) is 21.25%.

Insider Buying and Selling

In related news, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction that occurred 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 owned 560,951 shares in the company, valued at $14,236,936.38. The trade was a 5.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction on Friday, May 29th. The stock was 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. The trade was a 10.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 70,937 shares of company stock valued at $1,902,340 in the last 90 days. Insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MTG shares. Weiss Ratings upgraded MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday. 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 reiterated a “buy” rating and set a $35.00 target price on shares of MGIC Investment in a research note on Thursday, July 30th. Royal Bank Of Canada raised their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Finally, Keefe, Bruyette & Woods lifted their price target on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.60.

MGIC Investment Company 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.