Livforsakringsbolaget Skandia Omsesidigt Grows Stock Position in MGIC Investment Corporation $MTG

Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of MGIC Investment Corporation (NYSE:MTG) by 70.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 113,800 shares of the insurance provider’s stock after purchasing an additional 46,900 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in MGIC Investment were worth $3,167,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its position in MGIC Investment by 4.8% during the first quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider’s stock valued at $400,499,000 after buying an additional 743,212 shares during the period. LSV Asset Management boosted its stake in shares of MGIC Investment by 2.9% during the 1st quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider’s stock worth $269,815,000 after acquiring an additional 310,095 shares in the last quarter. AQR Capital Management LLC grew its position in shares of MGIC Investment by 22.5% during the 1st quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider’s stock valued at $80,481,000 after acquiring an additional 605,342 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of MGIC Investment by 6.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock valued at $76,901,000 after purchasing an additional 195,895 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its holdings in MGIC Investment by 25.3% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,597,602 shares of the insurance provider’s stock worth $64,369,000 after purchasing an additional 524,973 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $26.22, for a total value of $786,600.00. Following the completion of the sale, the chief operating officer owned 249,401 shares of the company’s stock, valued at $6,539,294.22. This represents a 10.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was 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 of the company’s stock, valued at $29,220,380.76. The trade was a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.05% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have commented on MTG. Compass Point reissued a “neutral” rating and issued a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Barclays lifted their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a research report on Monday, July 7th. Five research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $26.67.

MGIC Investment Stock Up 1.7%

NYSE MTG opened at $28.48 on Friday. The business has a fifty day moving average price of $27.06 and a 200 day moving average price of $25.96. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46. The company has a market cap of $6.57 billion, a P/E ratio of 9.34, a P/E/G ratio of 2.02 and a beta of 0.89. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $29.01.

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, topping analysts’ consensus estimates of $0.70 by $0.12. The business had revenue of $304.25 million for the quarter, compared to analyst estimates of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The business’s revenue was down .3% on a year-over-year basis. During the same period last year, the company posted $0.77 EPS. Research analysts anticipate that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Increases Dividend

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