Caisse DE Depot ET Placement DU Quebec Buys 524,973 Shares of MGIC Investment Corporation $MTG

Key Points

• Caisse DE Depot ET Placement DU Quebec has increased its stake in MGIC Investment Corporation by 25.3%, now owning 2,597,602 shares valued at approximately $64.37 million.
• Corporate insiders, including CEO Timothy J. Mattke and COO Salvatore A. Miosi, sold a combined total of 189,203 shares worth over $5 million in the last quarter, indicating a significant decrease in their ownership.
• MGIC Investment has recently increased its quarterly dividend from $0.13 to $0.15 per share, representing an annualized yield of 2.1% and a dividend payout ratio of 19.67%.

Caisse DE Depot ET Placement DU Quebec boosted its position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 25.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,597,602 shares of the insurance provider's stock after acquiring an additional 524,973 shares during the period. Caisse DE Depot ET Placement DU Quebec owned approximately 1.09% of MGIC Investment worth $64,369,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. KBC Group NV increased its stake in MGIC Investment by 10.2% during the first quarter. KBC Group NV now owns 11,417 shares of the insurance provider's stock valued at $283,000 after acquiring an additional 1,060 shares during the period. Cerity Partners LLC increased its stake in MGIC Investment by 59.2% during the first quarter. Cerity Partners LLC now owns 78,307 shares of the insurance provider's stock valued at $1,940,000 after acquiring an additional 29,104 shares during the period. GAMMA Investing LLC increased its stake in MGIC Investment by 39.1% during the first quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider's stock valued at $150,000 after acquiring an additional 1,705 shares during the period. PNC Financial Services Group Inc. increased its stake in MGIC Investment by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider's stock valued at $270,000 after acquiring an additional 437 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in MGIC Investment by 50.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider's stock valued at $406,000 after acquiring an additional 5,393 shares during the period. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Price Performance

Shares of MTG traded down $0.35 on Thursday, hitting $27.66. The company's stock had a trading volume of 1,201,469 shares, compared to its average volume of 1,954,257. The company has a market capitalization of $6.38 billion, a PE ratio of 9.07, a PEG ratio of 2.02 and a beta of 0.90. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $28.67. The company has a 50 day moving average price of $26.87 and a 200 day moving average price of $25.57.

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

MGIC Investment Increases Dividend

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

Insider Buying and Selling

In related news, COO Salvatore A. Miosi sold 30,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $26.22, for a total value of $786,600.00. Following the completion of the transaction, the chief operating officer owned 249,401 shares in the company, valued at $6,539,294.22. The trade was a 10.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Paula C. Maggio sold 20,000 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $26.49, for a total transaction of $529,800.00. Following the completion of the transaction, the executive vice president owned 157,395 shares of the company's stock, valued at $4,169,393.55. This trade represents a 11.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 189,203 shares of company stock worth $5,010,848 in the last quarter. Insiders own 1.05% of the company's stock.

Analyst Ratings Changes

MTG has been the topic of a number of recent research reports. Barclays lifted their price objective on MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods lifted their price objective on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a report on Monday, July 7th. Finally, Compass Point reaffirmed a "neutral" rating and set a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Five research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $26.67.

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.