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% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,597,602 shares of the insurance provider's stock after acquiring an additional 524,973 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned 1.09% of MGIC Investment worth $64,369,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Cullen Frost Bankers Inc. purchased a new stake in MGIC Investment during the first quarter valued at $33,000. Golden State Wealth Management LLC increased its position in MGIC Investment by 7,837.0% in the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock worth $53,000 after buying an additional 2,116 shares in the last quarter. Headlands Technologies LLC increased its position in MGIC Investment by 619.2% in the first quarter. Headlands Technologies LLC now owns 2,280 shares of the insurance provider's stock worth $56,000 after buying an additional 1,963 shares in the last quarter. UMB Bank n.a. increased its position in MGIC Investment by 61.3% in the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock worth $66,000 after buying an additional 1,011 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after buying an additional 461 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on MTG shares. Barclays upped their price target on MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods upped their price target on MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research report on Monday, July 7th. Finally, Compass Point restated a "neutral" rating and issued a $28.00 price target (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, the stock currently has a consensus rating of "Reduce" and a consensus price target of $26.67.

Insider Buying and Selling

In related news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $26.22, for a total transaction of $786,600.00. Following the completion of the transaction, the chief operating officer directly owned 249,401 shares of the company's stock, valued at approximately $6,539,294.22. This represents a 10.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction that occurred on 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 approximately $29,220,380.76. The trade was a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.05% of the stock is currently owned by corporate insiders.

MGIC Investment Price Performance

Shares of NYSE:MTG traded up $0.13 during trading on Friday, hitting $27.81. 1,578,097 shares of the company's stock were exchanged, compared to its average volume of 1,832,332. The business's 50-day simple moving average is $26.89 and its 200 day simple moving average is $25.60. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week high of $28.67. The company has a market cap of $6.41 billion, a price-to-earnings ratio of 9.12, a PEG ratio of 2.01 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 (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, beating 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 period in the prior year, the company earned $0.77 earnings per share. The firm's revenue was down .3% on a year-over-year basis. As a group, equities analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were paid a dividend of $0.15 per share. 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 dividend on an annualized basis and a yield of 2.2%. MGIC Investment's dividend 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.