Voleon Capital Management LP Buys New Position in MGIC Investment Corporation $MTG

Voleon Capital Management LP bought a new stake in shares of MGIC Investment Corporation (NYSE:MTG) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 32,329 shares of the insurance provider’s stock, valued at approximately $801,000.

A number of other hedge funds have also modified their holdings of the company. EP Wealth Advisors LLC increased its holdings in shares of MGIC Investment by 0.9% in the first quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider’s stock valued at $1,127,000 after purchasing an additional 398 shares during the period. Brooklyn Investment Group boosted its stake in shares of MGIC Investment by 15.5% in the first quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider’s stock worth $77,000 after buying an additional 416 shares during the last quarter. Signaturefd LLC boosted its stake in shares of MGIC Investment by 1.9% in the first quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider’s stock worth $548,000 after buying an additional 421 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of MGIC Investment by 4.2% in the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock worth $270,000 after buying an additional 437 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider’s stock worth $68,000 after buying an additional 461 shares during the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

Insider Activity at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $26.22, for a total value of $786,600.00. Following the transaction, the chief operating officer owned 249,401 shares in the company, valued at $6,539,294.22. This trade represents a 10.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $26.54, for a total value of $3,694,447.62. Following the completion of the transaction, the chief executive officer owned 1,100,994 shares in the company, valued at approximately $29,220,380.76. This trade represents a 11.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.41% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods upped their target price on MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a research note on Monday, July 7th. Compass Point reiterated a “neutral” rating and set a $28.00 price target (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Finally, Barclays increased their price target on MGIC Investment from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 8th. Five analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, MGIC Investment presently has a consensus rating of “Reduce” and a consensus target price of $26.67.

MGIC Investment Stock Performance

NYSE MTG opened at $28.24 on Wednesday. The company has a market cap of $6.51 billion, a PE ratio of 9.26, a price-to-earnings-growth ratio of 2.05 and a beta of 0.89. The stock’s 50 day simple moving average is $26.94 and its 200-day simple moving average is $25.78. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $28.71. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.12. The business had revenue of $304.25 million for the quarter, compared to the consensus estimate of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The business’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter last year, the business posted $0.77 earnings per share. As a group, equities research analysts anticipate that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.13. The ex-dividend date was Thursday, August 7th. MGIC Investment’s dividend payout ratio (DPR) is 19.67%.

MGIC Investment Company Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.