Healthcare of Ontario Pension Plan Trust Fund Sells 184,400 Shares of MGIC Investment Corporation $MTG

Healthcare of Ontario Pension Plan Trust Fund decreased its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 72.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,600 shares of the insurance provider’s stock after selling 184,400 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in MGIC Investment were worth $1,827,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MTG. Norges Bank purchased a new stake in MGIC Investment in the fourth quarter valued at approximately $96,248,000. AQR Capital Management LLC lifted its position 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 valued at $176,313,000 after purchasing an additional 3,041,446 shares during the last quarter. Arbejdsmarkedets Tillaegspension purchased a new position in MGIC Investment in the 4th quarter worth approximately $24,456,000. Jane Street Group LLC grew its stake 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 buying an additional 723,480 shares in the last quarter. Finally, Caisse de depot et placement du Quebec increased its holdings in shares of MGIC Investment by 20.4% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 3,943,965 shares of the insurance provider’s stock worth $111,890,000 after buying an additional 667,876 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, July 7th. Royal Bank Of Canada upped their target price 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. Roth Capital reissued a “buy” rating and issued a $35.00 target price on shares of MGIC Investment in a research note on Thursday. Barclays lowered their price target 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. Finally, Keefe, Bruyette & Woods lifted their price target on MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research note on Friday. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $30.60.

Insider Buying and Selling at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,937 shares of the stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.55, for a total transaction 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 trade represents a 10.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment 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 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 currently owned by company insiders.

MGIC Investment Stock Down 1.3%

Shares of MTG opened at $30.04 on Friday. The firm has a market cap of $6.35 billion, a P/E ratio of 9.39, a P/E/G ratio of 2.07 and a beta of 0.67. The stock has a 50 day simple moving average of $27.42 and a two-hundred day simple moving average of $26.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.14. MGIC Investment Corporation has a 1 year low of $24.69 and a 1 year high of $31.89.

MGIC Investment (NYSE:MTG) last issued its quarterly 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 business had revenue of $295.39 million for the quarter, compared to analysts’ expectations of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The business’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period last year, the business earned $0.82 earnings per share. On average, analysts forecast that MGIC Investment Corporation will post 3.09 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Wednesday, August 5th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.68 annualized dividend and a dividend yield of 2.3%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s payout ratio is 21.25%.

MGIC Investment announced that its board has authorized a share repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to buy up to 12.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is 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.