135,360 Shares in MGIC Investment Corporation $MTG Acquired by Quantbot Technologies LP

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 first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 135,360 shares of the insurance provider's stock, valued at approximately $3,354,000. Quantbot Technologies LP owned 0.06% of MGIC Investment at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. KBC Group NV grew its holdings in MGIC Investment by 10.2% in the first quarter. KBC Group NV now owns 11,417 shares of the insurance provider's stock worth $283,000 after purchasing an additional 1,060 shares during the period. Cerity Partners LLC grew its holdings in shares of MGIC Investment by 59.2% during the first quarter. Cerity Partners LLC now owns 78,307 shares of the insurance provider's stock valued at $1,940,000 after buying an additional 29,104 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of MGIC Investment by 39.1% during the first quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider's stock valued at $150,000 after buying an additional 1,705 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of MGIC Investment by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider's stock valued at $270,000 after buying an additional 437 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of MGIC Investment by 50.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider's stock valued at $406,000 after buying an additional 5,393 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Performance

MTG traded down $0.1550 during midday trading on Monday, reaching $27.9950. The company had a trading volume of 200,514 shares, compared to its average volume of 2,158,941. 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 stock has a market cap of $6.45 billion, a PE ratio of 9.18, a P/E/G ratio of 2.04 and a beta of 0.90. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $28.67. The business has a 50-day moving average price of $26.79 and a two-hundred day moving average price of $25.50.

MGIC Investment (NYSE:MTG - Get Free Report) last released its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.12. The firm had revenue of $304.25 million for the quarter, compared to analysts' expectations of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The company's quarterly revenue was down .3% on a year-over-year basis. During the same period in the previous year, the company earned $0.77 earnings per share. On average, sell-side analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

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

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, CEO Timothy J. Mattke sold 139,203 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the sale, the chief executive officer owned 1,100,994 shares of the company's stock, valued at approximately $29,220,380.76. This represents a 11.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Paula C. Maggio sold 20,000 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $26.49, for a total transaction of $529,800.00. Following the sale, the executive vice president directly owned 157,395 shares in the company, valued at $4,169,393.55. This trade represents a 11.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 189,203 shares of company stock valued at $5,010,848 over the last quarter. Company insiders own 1.41% 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.