Peak Retirement Planning Inc. Acquires New Stake in MGIC Investment Corporation $MTG

Peak Retirement Planning Inc. acquired a new stake in shares of MGIC Investment Corporation (NYSE:MTG) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 21,650 shares of the insurance provider’s stock, valued at approximately $633,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. bought a new stake in shares of MGIC Investment in the 3rd quarter worth $28,000. SBI Securities Co. Ltd. increased its holdings in shares of MGIC Investment by 61.1% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 395 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in shares of MGIC Investment in the 4th quarter worth $36,000. Abich Financial Wealth Management LLC bought a new stake in shares of MGIC Investment in the 3rd quarter worth $42,000. Finally, Geneos Wealth Management Inc. increased its holdings in shares of MGIC Investment by 88.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 817 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 10,931 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $26.25, for a total transaction of $286,938.75. Following the sale, the chief operating officer directly owned 590,951 shares of the company’s stock, valued at $15,512,463.75. This trade represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 139,202 shares of the firm’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $26.49, for a total value of $3,687,460.98. Following the sale, the chief executive officer directly owned 1,118,005 shares in the company, valued at approximately $29,615,952.45. This represents a 11.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 171,070 shares of company stock valued at $4,509,340 over the last ninety days. 1.34% of the stock is currently owned by company insiders.

MGIC Investment Price Performance

NYSE MTG opened at $24.90 on Wednesday. The company has a market capitalization of $5.27 billion, a PE ratio of 7.90, a price-to-earnings-growth ratio of 1.72 and a beta of 0.68. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.14 and a current ratio of 1.14. The business’s fifty day moving average is $26.73 and its 200 day moving average is $27.29. MGIC Investment Corporation has a fifty-two week low of $24.77 and a fifty-two week high of $29.97.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. The business had revenue of $297.08 million for the quarter, compared to analysts’ expectations of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The business’s quarterly revenue was down 3.0% on a year-over-year basis. During the same period last year, the firm earned $0.75 earnings per share. Sell-side analysts predict that MGIC Investment Corporation will post 3.06 earnings per share for the current year.

MGIC Investment announced that its board has approved a share buyback plan on Thursday, April 23rd that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.4%. MGIC Investment’s dividend payout ratio (DPR) is currently 19.05%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Keefe, Bruyette & Woods lifted their target price on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, April 10th. UBS Group dropped their price target on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, March 12th. Weiss Ratings downgraded MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. Royal Bank Of Canada started coverage on MGIC Investment in a research note on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 price target on the stock. Finally, Barclays dropped their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, MGIC Investment presently has an average rating of “Hold” and a consensus price target of $28.25.

About MGIC Investment

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.