1,583,623 Shares in MGIC Investment Corporation $MTG Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 1.58 million MGIC Investment shares worth approximately $44.7 million, giving it a 0.77% stake. Institutional investors collectively own 95.58% of the company.
• MGIC Investment reported quarterly EPS of $0.87, beating estimates of $0.76, while revenue declined 2.9% year over year to $295.4 million.
• The company raised its quarterly dividend to $0.17, or $0.68 annually, representing a 2.3% yield. Analysts maintain a consensus “Moderate Buy” rating with a $30.60 price target, while two executives sold shares under pre-arranged trading plans.

Bank of America Corp DE purchased a new position in MGIC Investment Corporation (NYSE:MTG - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,583,623 shares of the insurance provider's stock, valued at approximately $44,658,000. Bank of America Corp DE owned 0.77% of MGIC Investment at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in MGIC Investment during the 2nd quarter worth approximately $62,000. Harbor Investment Advisory LLC lifted its holdings 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 purchasing an additional 2,213 shares in the last quarter. Root Financial Partners LLC grew its position in MGIC Investment by 100.7% in the 1st quarter. Root Financial Partners LLC now owns 3,022 shares of the insurance provider's stock valued at $79,000 after purchasing an additional 1,516 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in shares of MGIC Investment by 957.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,046 shares of the insurance provider's stock valued at $89,000 after buying an additional 2,758 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its stake in shares of MGIC Investment by 61.0% in the fourth quarter. Hantz Financial Services Inc. now owns 4,819 shares of the insurance provider's stock valued at $141,000 after buying an additional 1,825 shares in the last quarter. 95.58% of the stock is owned by institutional investors.

Insider Buying and Selling

In other MGIC Investment news, COO Salvatore Miosi sold 30,000 shares of the business's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $30.73, for a total transaction of $921,900.00. Following the sale, the chief operating officer owned 470,951 shares of the company's stock, valued at $14,472,324.23. The trade was a 5.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula Maggio sold 20,000 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $30.30, for a total value of $606,000.00. Following the completion of the transaction, the executive vice president owned 149,620 shares of the company's stock, valued at approximately $4,533,486. This represents a 11.79% 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 insiders.

MGIC Investment Stock Performance

Shares of MTG opened at $29.48 on Tuesday. The firm has a market cap of $6.05 billion, a PE ratio of 9.21, a PEG ratio of 0.75 and a beta of 0.65. The stock's fifty day moving average price is $30.37 and its two-hundred day moving average price is $27.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. MGIC Investment Corporation has a 1 year low of $24.69 and a 1 year high of $31.89.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.11. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The company had revenue of $295.39 million during the quarter, compared to the consensus estimate of $297.54 million. During the same quarter in the prior year, the company earned $0.82 EPS. The firm's quarterly revenue was down 2.9% compared to the same quarter last year. On average, equities research analysts forecast that MGIC Investment Corporation will post 3.24 EPS for the current year.

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Wednesday, August 5th were paid a $0.17 dividend. The ex-dividend date was Wednesday, August 5th. This represents a $0.68 dividend on an annualized basis and a yield of 2.3%. This is a positive change from MGIC Investment's previous quarterly dividend of $0.15. MGIC Investment's dividend payout ratio (DPR) is presently 21.25%.

Analyst Ratings Changes

Several research firms have recently commented on MTG. Keefe, Bruyette & Woods boosted their target price on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a "market perform" rating in a research report on Friday, July 31st. Roth Capital reaffirmed a "buy" rating and set a $35.00 target price on shares of MGIC Investment in a research report on Thursday, July 30th. Weiss Ratings upgraded shares of MGIC Investment from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, August 19th. Zacks Research raised shares of MGIC Investment from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 25th. Finally, Royal Bank Of Canada boosted their target price on MGIC Investment from $28.00 to $32.00 and gave the stock a "sector perform" rating in a research note on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, MGIC Investment currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.60.

About MGIC Investment

MGIC Investment Corporation NYSE: MTG is a holding company whose principal subsidiary is Mortgage Guaranty Insurance Corporation (MGIC), a provider of private mortgage insurance in the United States. MGIC's insurance helps lenders manage the risk associated with residential mortgages made to borrowers who have limited down payments, allowing qualified homebuyers to obtain financing with less than 20% down.

MGIC primarily offers primary mortgage insurance to mortgage lenders, banks, credit unions and other residential lending institutions.

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