34,615 Shares in MGIC Investment Corporation $MTG Bought by Quantbot Technologies LP

Quantbot Technologies LP purchased a new stake in MGIC Investment Corporation (NYSE:MTG) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 34,615 shares of the insurance provider’s stock, valued at approximately $976,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. purchased a new stake in shares of MGIC Investment in the 3rd quarter worth about $28,000. SBI Securities Co. Ltd. lifted its holdings in MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after buying an additional 420 shares during the period. Geneos Wealth Management Inc. boosted its position in MGIC Investment by 88.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 817 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of MGIC Investment during the 2nd quarter worth approximately $62,000. Finally, Harbor Investment Advisory LLC raised its position in shares of MGIC Investment by 613.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock worth $73,000 after acquiring an additional 2,213 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MTG has been the topic of several research reports. Keefe, Bruyette & Woods lifted their price target on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Barclays decreased their price target on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Royal Bank Of Canada boosted their price objective on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. Finally, Roth Capital restated a “buy” rating and issued a $35.00 price objective on shares of MGIC Investment in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.60.

Insider Activity at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $25.38, for a total value 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the stock in a transaction that occurred 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 sale, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. The trade was a 10.99% 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. In the last quarter, insiders sold 70,937 shares of company stock worth $1,902,340. Insiders own 1.34% of the company’s stock.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $31.27 on Thursday. The business has a fifty day moving average price of $29.31 and a 200-day moving average price of $27.50. 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 company has a market capitalization of $6.41 billion, a PE ratio of 9.77, a PEG ratio of 0.79 and a beta of 0.66. MGIC Investment Corporation has a 1-year low of $24.69 and a 1-year high of $31.89.

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

MGIC Investment Increases Dividend

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

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.