16,456 Shares in MGIC Investment Corporation $MTG Acquired by Callan Family Office LLC

Key Points

• Callan Family Office LLC acquired 16,456 shares of MGIC Investment Corporation, valued at approximately $458,000, marking a new investment position during the second quarter.
• MGIC Investment reported earnings of $0.82 per share for the latest quarter, exceeding analyst estimates of $0.70, while revenue decreased by 0.3% year-over-year.
• The company announced a quarterly dividend of $0.15 per share, which is an increase from the previous dividend of $0.13, reflecting a decent yield of 2.2%.

Callan Family Office LLC acquired a new position in MGIC Investment Corporation (NYSE:MTG - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 16,456 shares of the insurance provider's stock, valued at approximately $458,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. WPG Advisers LLC purchased a new stake in MGIC Investment in the first quarter worth approximately $26,000. Cullen Frost Bankers Inc. purchased a new stake in MGIC Investment in the first quarter worth approximately $33,000. Quarry LP purchased a new stake in MGIC Investment in the first quarter worth approximately $38,000. Geneos Wealth Management Inc. boosted its stake in MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider's stock worth $43,000 after buying an additional 817 shares in the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new stake in MGIC Investment in the second quarter worth approximately $49,000. Hedge funds and other institutional investors own 95.58% of the company's stock.

MGIC Investment Stock Performance

Shares of MTG stock opened at $27.71 on Wednesday. The stock has a fifty day moving average of $27.82 and a 200 day moving average of $26.50. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.01. The firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of 9.08, a PEG ratio of 1.95 and a beta of 0.88. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13.

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

MGIC Investment Increases Dividend

The company 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. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. This is a positive change from MGIC Investment's previous quarterly dividend of $0.13. The ex-dividend date was Thursday, August 7th. MGIC Investment's dividend payout ratio is currently 19.67%.

Wall Street Analyst Weigh In

Several analysts have issued reports on MTG shares. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of MGIC Investment in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods increased their price objective on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research note on Monday, July 7th. Finally, Barclays increased their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a "cautious" rating in a research note on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, MGIC Investment presently has a consensus rating of "Hold" and an average price target of $26.83.

Insiders Place Their Bets

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total value of $844,500.00. Following the completion of the transaction, the chief operating officer owned 189,401 shares in the company, valued at approximately $5,331,638.15. This represents a 13.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $26.54, for a total value of $3,694,447.62. Following the completion of the transaction, the chief executive officer owned 1,100,994 shares of the company's stock, valued at approximately $29,220,380.76. This trade represents a 11.22% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 338,406 shares of company stock valued at $9,096,557. 1.41% of the stock is owned by corporate insiders.

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.

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