Quantbot Technologies LP Invests $3.35 Million in MGIC Investment Corporation $MTG

Key Points

• Quantbot Technologies LP purchased 135,360 shares of MGIC Investment Corporation, valued at approximately $3.35 million, in the first quarter, increasing institutional ownership to 95.58%.
• Wall Street analysts have upgraded their price targets for MGIC Investment, with Barclays and Keefe, Bruyette & Woods both increasing their targets to $27.00.
• MGIC Investment recently announced a dividend increase to $0.15 per share, as well as initiating a share repurchase program allowing up to $750 million in buybacks.

Quantbot Technologies LP purchased a new position in MGIC Investment Corporation (NYSE:MTG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 135,360 shares of the insurance provider's stock, valued at approximately $3,354,000. Quantbot Technologies LP owned approximately 0.06% of MGIC Investment as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in MTG. Wells Fargo & Company MN grew its holdings in shares of MGIC Investment by 14.8% during the fourth quarter. Wells Fargo & Company MN now owns 90,987 shares of the insurance provider's stock worth $2,157,000 after buying an additional 11,721 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in MGIC Investment by 5.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 74,279 shares of the insurance provider's stock valued at $1,761,000 after buying an additional 3,715 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of MGIC Investment during the 4th quarter worth approximately $1,740,000. CANADA LIFE ASSURANCE Co raised its position in MGIC Investment by 1.7% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 289,640 shares of the insurance provider's stock valued at $6,865,000 after purchasing an additional 4,797 shares during the period. Finally, Natixis purchased a new position in shares of MGIC Investment during the fourth quarter worth $1,721,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Performance

Shares of MGIC Investment stock traded up $0.6050 during trading hours on Friday, hitting $28.1450. 1,332,893 shares of the company were exchanged, compared to its average volume of 2,062,715. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average of $26.79 and a 200-day moving average of $25.50. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $28.67. The stock has a market capitalization of $6.49 billion, a price-to-earnings ratio of 9.23, a P/E/G ratio of 2.04 and a beta of 0.90.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.12. The company had revenue of $304.25 million during the quarter, compared to the consensus estimate of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. MGIC Investment's quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 EPS. As a group, analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were issued a $0.15 dividend. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. This is a boost from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's dividend payout ratio is presently 19.67%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MTG. Keefe, Bruyette & Woods increased their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research report on Monday, July 7th. Compass Point reiterated a "neutral" rating and issued a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Finally, Barclays boosted 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 report on Tuesday, July 8th. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $26.67.

Insiders Place Their Bets

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $26.49, for a total value of $529,800.00. Following the completion of the transaction, the executive vice president owned 157,395 shares in the company, valued at approximately $4,169,393.55. This represents a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm's stock in a transaction 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 directly owned 249,401 shares of the company's stock, valued at approximately $6,539,294.22. This trade represents a 10.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 189,203 shares of company stock worth $5,010,848. Company insiders own 1.05% of the company's stock.

MGIC Investment 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.