Allianz Asset Management GmbH Purchases 1,557,970 Shares of MGIC Investment Corporation $MTG

Key Points

• Allianz Asset Management GmbH increased its stake in MGIC Investment Corporation by 40.6%, now owning about 5.4 million shares, valued at $150 million.
• The CEO and COO of MGIC Investment recently sold substantial shares, with the CEO selling 139,203 shares for approximately $3.69 million, indicating a decrease in insider ownership.
• MGIC Investment has increased its quarterly dividend to $0.15, reflecting a 2.2% dividend yield with a current payout ratio of 19.67%.

Allianz Asset Management GmbH boosted its position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 40.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,398,356 shares of the insurance provider's stock after purchasing an additional 1,557,970 shares during the period. Allianz Asset Management GmbH owned about 2.27% of MGIC Investment worth $150,290,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of MTG. WPG Advisers LLC acquired a new position in MGIC Investment in the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. bought a new stake in shares of MGIC Investment in the first quarter valued at about $33,000. Quarry LP bought a new position in shares of MGIC Investment during the first quarter worth about $38,000. Geneos Wealth Management Inc. lifted its stake in MGIC Investment by 88.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider's stock valued at $43,000 after acquiring an additional 817 shares in the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new position in MGIC Investment during the 2nd quarter worth approximately $49,000. 95.58% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $26.54, for a total value of $3,694,447.62. Following the transaction, the chief executive officer directly owned 1,100,994 shares of the company's stock, valued at $29,220,380.76. This represents a 11.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total transaction of $844,500.00. Following the completion of the transaction, the chief operating officer directly owned 189,401 shares in the company, valued at $5,331,638.15. The trade was a 13.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 338,406 shares of company stock worth $9,096,557 over the last three months. Insiders own 1.05% of the company's stock.

MGIC Investment Stock Performance

NYSE MTG opened at $27.38 on Thursday. 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 firm's fifty day moving average price is $27.83 and its two-hundred day moving average price is $26.51. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $29.01. The firm has a market capitalization of $6.31 billion, a P/E ratio of 8.98, a price-to-earnings-growth ratio of 2.00 and a beta of 0.88.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.12. The firm had revenue of $304.25 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.77 earnings per share. As a group, research analysts anticipate that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, August 7th. This is a boost from MGIC Investment's previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. MGIC Investment's payout ratio is currently 19.67%.

Analyst Upgrades and Downgrades

MTG has been the topic of a number of research reports. Barclays boosted their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a "cautious" rating in a research report on Monday, October 6th. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of MGIC Investment in a research report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods lifted their target price on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research report on Monday, July 7th. One investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $26.83.

MGIC Investment Company 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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