MGIC Investment Corporation $MTG Shares Bought by AlphaQuest LLC

Key Points

• AlphaQuest LLC increased its stake in MGIC Investment Corporation by 230.3%, acquiring an additional 107,988 shares and making MGIC its 5th largest holding.
• Insider sales included COO Salvatore A. Miosi selling 30,000 shares and CEO Timothy J. Mattke selling 139,203 shares, reflecting a notable decrease in both executives' positions.
• MGIC Investment announced a quarterly dividend of $0.15 per share, an increase from the previous dividend, representing an annualized yield of 2.2%.

AlphaQuest LLC raised its stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 230.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,873 shares of the insurance provider's stock after buying an additional 107,988 shares during the period. MGIC Investment accounts for approximately 0.4% of AlphaQuest LLC's portfolio, making the stock its 5th biggest holding. AlphaQuest LLC owned 0.07% of MGIC Investment worth $3,838,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MTG. Caisse DE Depot ET Placement DU Quebec grew its position in shares of MGIC Investment by 292.0% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,072,629 shares of the insurance provider's stock valued at $49,142,000 after purchasing an additional 1,543,908 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in MGIC Investment by 259.4% during the fourth quarter. BNP Paribas Financial Markets now owns 1,105,399 shares of the insurance provider's stock valued at $26,209,000 after purchasing an additional 797,852 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of MGIC Investment by 4.8% in the first quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider's stock valued at $400,499,000 after acquiring an additional 743,212 shares during the last quarter. Citigroup Inc. raised its stake in shares of MGIC Investment by 259.1% in the first quarter. Citigroup Inc. now owns 902,982 shares of the insurance provider's stock valued at $22,376,000 after acquiring an additional 651,549 shares during the last quarter. Finally, Nuveen LLC bought a new position in MGIC Investment in the 1st quarter worth approximately $13,266,000. Institutional investors and hedge funds own 95.58% of the company's stock.

Insider Buying and Selling

In other news, EVP Paula C. Maggio sold 20,000 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the transaction, the executive vice president owned 157,395 shares in the company, valued at $4,169,393.55. This represents a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the completion of the transaction, the chief executive officer owned 1,100,994 shares in the company, 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. Insiders sold a total of 189,203 shares of company stock valued at $5,010,848 over the last three months. 1.41% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MTG has been the subject of several research analyst reports. Keefe, Bruyette & Woods boosted their price target 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. Barclays increased their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Compass Point restated a "neutral" rating and issued a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Five analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Reduce" and an average target price of $26.67.

MGIC Investment Trading Up 0.4%

MTG traded up $0.10 during trading on Wednesday, hitting $27.95. 436,231 shares of the stock traded hands, compared to its average volume of 2,152,606. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. The firm has a 50-day moving average of $26.84 and a 200 day moving average of $25.54. The firm has a market capitalization of $6.44 billion, a P/E ratio of 9.17, a price-to-earnings-growth ratio of 2.02 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.

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

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. This is a boost 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 currently 19.67%.

About MGIC Investment

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.