Corient Private Wealth LLC Acquires 39,072 Shares of MGIC Investment Corporation $MTG

Key Points

• Corient Private Wealth LLC increased its MGIC Investment stake by 21.7% in the fourth quarter, buying 39,072 additional shares and bringing its total holdings to 219,460 shares worth about $6.4 million.
• MGIC Investment beat earnings expectations in its latest quarter, reporting EPS of $0.76 versus the $0.73 consensus, though revenue came in slightly below estimates and declined 3% year over year.
• The company is returning capital to shareholders through a quarterly dividend of $0.15 per share and a newly approved $750 million share buyback program, while analysts currently rate the stock a consensus Hold.

Corient Private Wealth LLC raised its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 21.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 219,460 shares of the insurance provider's stock after acquiring an additional 39,072 shares during the period. Corient Private Wealth LLC owned approximately 0.10% of MGIC Investment worth $6,413,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jefferies Financial Group Inc. lifted its stake in MGIC Investment by 245.3% in the fourth quarter. Jefferies Financial Group Inc. now owns 364,650 shares of the insurance provider's stock valued at $10,655,000 after buying an additional 259,039 shares during the period. Arbejdsmarkedets Tillaegspension acquired a new position in shares of MGIC Investment during the 4th quarter worth about $24,456,000. Geode Capital Management LLC grew its position in shares of MGIC Investment by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider's stock worth $163,368,000 after buying an additional 146,589 shares during the period. Tudor Investment Corp ET AL increased its stake in shares of MGIC Investment by 106.1% in the 3rd quarter. Tudor Investment Corp ET AL now owns 687,445 shares of the insurance provider's stock valued at $19,503,000 after acquiring an additional 353,935 shares during the last quarter. Finally, Intech Investment Management LLC bought a new stake in shares of MGIC Investment in the 3rd quarter valued at about $1,444,000. Institutional investors own 95.58% of the company's stock.

MGIC Investment Price Performance

Shares of NYSE MTG opened at $27.36 on Friday. The firm has a market cap of $5.79 billion, a PE ratio of 8.69, a PEG ratio of 1.86 and a beta of 0.68. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 1-year low of $24.69 and a 1-year high of $29.97. The company has a fifty day moving average price of $26.49 and a 200 day moving average price of $27.00.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.03. The firm had revenue of $297.08 million for the quarter, compared to the consensus estimate of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The company's revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter last year, the business posted $0.75 EPS. Research analysts predict that MGIC Investment Corporation will post 3.05 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.2%. MGIC Investment's dividend payout ratio (DPR) is presently 19.05%.

MGIC Investment announced that its Board of Directors has approved a share buyback program on Thursday, April 23rd that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the insurance provider to reacquire up to 12.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. UBS Group cut their price target on shares of MGIC Investment from $29.50 to $28.00 and set a "neutral" rating on the stock in a research report on Thursday, March 12th. Royal Bank Of Canada assumed coverage on shares of MGIC Investment in a report on Friday, May 22nd. They set a "sector perform" rating and a $28.00 price objective for the company. Keefe, Bruyette & Woods upped their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the company a "market perform" rating in a research note on Friday, April 10th. Barclays cut their target price on shares of MGIC Investment from $29.00 to $28.00 and set an "equal weight" rating on the stock in a report on Friday, May 1st. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of MGIC Investment in a research report on Monday, June 15th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $28.25.

Insider Buying and Selling

In related news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction that occurred on 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 approximately $14,236,936.38. This trade represents a 5.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 139,202 shares of the business's stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.49, for a total value of $3,687,460.98. Following the completion of the sale, the chief executive officer owned 1,118,005 shares in the company, valued at $29,615,952.45. The trade was a 11.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 201,070 shares of company stock worth $5,270,740. 1.34% of the stock is owned by corporate insiders.

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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