347,982 Shares in MGIC Investment Corporation $MTG Bought by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP acquired 347,982 shares of MGIC Investment, valued at approximately $9.8 million, giving it a 0.17% stake. Institutional investors collectively own 95.58% of the company.
• MGIC Investment reported quarterly EPS of $0.87, beating the $0.76 analyst consensus, while revenue declined 2.9% year over year to $295.39 million.
• The company increased its quarterly dividend from $0.15 to $0.17 per share, equivalent to an annualized $0.68 payout and a 2.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $30.60.

Corient Private Wealth LP acquired a new position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 347,982 shares of the insurance provider's stock, valued at approximately $9,813,000. Corient Private Wealth LP owned approximately 0.17% of MGIC Investment at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Newbridge Financial Services Group Inc. bought a new stake in shares of MGIC Investment during the 3rd quarter valued at about $28,000. SBI Securities Co. Ltd. lifted its holdings in MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider's stock worth $43,000 after acquiring an additional 420 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings 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 acquiring an additional 817 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in MGIC Investment in the second quarter valued at approximately $62,000. Finally, Harbor Investment Advisory LLC boosted its stake in MGIC Investment by 613.0% in the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider's stock valued at $73,000 after acquiring an additional 2,213 shares during the period. Institutional investors own 95.58% of the company's stock.

MGIC Investment Stock Up 0.3%

MTG opened at $31.08 on Monday. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $31.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19. The stock's fifty day moving average is $29.51 and its 200-day moving average is $27.55. The company has a market capitalization of $6.38 billion, a PE ratio of 9.71, a P/E/G ratio of 0.79 and a beta of 0.66.

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

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th were issued a dividend of $0.17 per share. This is a positive change from MGIC Investment's previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Wednesday, August 5th. MGIC Investment's dividend payout ratio is presently 21.25%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. 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. Keefe, Bruyette & Woods boosted their price objective on MGIC Investment from $29.00 to $30.00 and gave the stock a "market perform" rating in a research report on Friday, July 31st. Zacks Research raised MGIC Investment from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 25th. Roth Capital restated a "buy" rating and issued a $35.00 target price on shares of MGIC Investment in a research report on Thursday, July 30th. Finally, Royal Bank Of Canada raised their target price on MGIC Investment from $28.00 to $32.00 and gave the company a "sector perform" rating in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, MGIC Investment presently has an average rating of "Moderate Buy" and an average target price of $30.60.

Insiders Place Their Bets

In related news, EVP Paula C. Maggio sold 20,000 shares of the 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 sale, the executive vice president directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the sale, the chief operating officer owned 560,951 shares of the company's stock, valued at $14,236,936.38. The trade was a 5.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.34% of the company's stock.

MGIC Investment Profile

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.

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