Caisse de depot et placement du Quebec Purchases New Stake in MGIC Investment Corporation $MTG

Caisse de depot et placement du Quebec acquired a new position in MGIC Investment Corporation (NYSE:MTG) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,477,798 shares of the insurance provider’s stock, valued at approximately $98,074,000.

Several other large investors have also added to or reduced their stakes in MTG. Jefferies Financial Group Inc. increased its stake in MGIC Investment by 245.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 364,650 shares of the insurance provider’s stock worth $10,655,000 after acquiring an additional 259,039 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of MGIC Investment by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock valued at $163,368,000 after acquiring an additional 146,589 shares during the last quarter. Arbejdsmarkedets Tillaegspension purchased a new position in shares of MGIC Investment during the fourth quarter worth about $24,456,000. Norges Bank purchased a new position in shares of MGIC Investment during the fourth quarter worth about $96,248,000. Finally, Hsbc Holdings PLC increased its position in shares of MGIC Investment by 24.5% in the fourth quarter. Hsbc Holdings PLC now owns 207,412 shares of the insurance provider’s stock worth $6,089,000 after purchasing an additional 40,751 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Trading Up 0.1%

MTG opened at $31.27 on Thursday. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $31.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. The business has a 50 day simple moving average of $29.31 and a two-hundred day simple moving average of $27.50. The firm has a market capitalization of $6.41 billion, a price-to-earnings ratio of 9.77, a PEG ratio of 0.79 and a beta of 0.66.

MGIC Investment (NYSE:MTG) last announced 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. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The company had revenue of $295.39 million during the quarter, compared to the consensus estimate of $297.54 million. During the same quarter in the prior year, the company earned $0.82 earnings per share. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. Analysts predict that MGIC Investment Corporation will post 3.24 EPS for the current year.

MGIC Investment Increases Dividend

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

Insider Activity at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the company’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 transaction, the chief operating officer owned 560,951 shares in the company, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $30.30, for a total value of $606,000.00. Following the completion of the transaction, the executive vice president directly owned 149,620 shares of the company’s stock, valued at $4,533,486. This represents a 11.79% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 70,937 shares of company stock worth $1,902,340. Insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MTG shares. 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 research 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. Roth Capital reaffirmed a “buy” rating and issued a $35.00 price objective on shares of MGIC Investment in a research note on Thursday, July 30th. Barclays reduced their target price on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Finally, Weiss Ratings upgraded shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target 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.