Deutsche Bank AG Invests $3.51 Million in MGIC Investment Corporation $MTG

Key Points

• Deutsche Bank acquired 124,494 shares of MGIC Investment in the second quarter, valued at approximately $3.51 million. Institutional investors collectively own 95.58% of the company.
• Analyst sentiment remains favorable, with MGIC Investment carrying a consensus “Moderate Buy” rating and an average price target of $30.60; targets from several firms were recently raised.
• MGIC Investment reported quarterly EPS of $0.87, beating estimates of $0.76, and increased its quarterly dividend from $0.15 to $0.17 per share, equivalent to a 2.2% annual yield.

Deutsche Bank AG bought a new stake in MGIC Investment Corporation (NYSE:MTG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 124,494 shares of the insurance provider's stock, valued at approximately $3,511,000. Deutsche Bank AG owned about 0.06% of MGIC Investment as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Jefferies Financial Group Inc. grew its stake in MGIC Investment by 245.3% in the 4th 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 last quarter. Geode Capital Management LLC lifted its position in MGIC Investment by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider's stock worth $163,368,000 after acquiring an additional 146,589 shares during the last quarter. Arbejdsmarkedets Tillaegspension acquired a new stake in MGIC Investment during the fourth quarter worth approximately $24,456,000. Norges Bank bought a new stake in shares of MGIC Investment during the fourth quarter worth approximately $96,248,000. Finally, Hsbc Holdings PLC grew its position in shares of MGIC Investment by 24.5% in the fourth quarter. Hsbc Holdings PLC now owns 207,412 shares of the insurance provider's stock valued at $6,089,000 after purchasing an additional 40,751 shares during the last quarter. Institutional investors own 95.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MTG. Barclays decreased their price objective on MGIC Investment from $29.00 to $28.00 and set an "equal weight" rating on the stock in a report on Friday, May 1st. Roth Capital reissued a "buy" rating and issued a $35.00 price objective on shares of MGIC Investment in a report on Thursday, July 30th. Keefe, Bruyette & Woods increased their target price on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a "market perform" rating in a research report on Friday, July 31st. Weiss Ratings upgraded shares of MGIC Investment from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, August 19th. Finally, Royal Bank Of Canada boosted their target price on shares of MGIC Investment from $28.00 to $32.00 and gave the company a "sector perform" rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.60.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $30.30, for a total value of $606,000.00. Following the completion of the transaction, the executive vice president directly owned 149,620 shares in the company, valued at approximately $4,533,486. This trade represents a 11.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the sale, the chief operating officer directly owned 560,951 shares in the company, valued at $14,236,936.38. The trade was a 5.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 70,937 shares of company stock worth $1,902,340. 1.34% of the stock is currently owned by company insiders.

MGIC Investment Stock Up 0.1%

MTG stock opened at $31.27 on Thursday. The firm has a 50-day moving average price of $29.31 and a 200-day moving average price of $27.50. MGIC Investment Corporation has a 12 month low of $24.69 and a 12 month high of $31.89. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $6.41 billion, a P/E ratio of 9.77, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.11. The company had revenue of $295.39 million for the quarter, compared to analyst estimates of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The firm's revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.82 EPS. As a group, equities research analysts anticipate that MGIC Investment Corporation will post 3.24 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Wednesday, August 5th. This is a positive change from MGIC Investment's previous quarterly dividend of $0.15. MGIC Investment's dividend payout ratio is currently 21.25%.

About MGIC Investment

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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