Eventide Asset Management LLC Makes New $236,000 Investment in MGIC Investment Corporation $MTG

Key Points

• Eventide Asset Management LLC has acquired a new stake in MGIC Investment Corporation worth approximately $236,000, purchasing 9,663 shares during the first quarter of 2023.
• MGIC Investment recently announced an increase in its quarterly dividend from $0.13 to $0.15 per share, resulting in an annualized yield of 2.1%.
• The company reported earnings of $0.82 per share for the latest quarter, exceeding analysts' expectations by $0.12, despite experiencing a small decrease in year-over-year revenue.

Eventide Asset Management LLC purchased a new stake in MGIC Investment Corporation (NYSE:MTG - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 9,663 shares of the insurance provider's stock, valued at approximately $236,000.

A number of other large investors have also recently added to or reduced their stakes in MTG. WPG Advisers LLC acquired a new stake in MGIC Investment in the 1st quarter worth about $26,000. Cullen Frost Bankers Inc. acquired a new position in shares of MGIC Investment during the 1st quarter valued at $33,000. Quarry LP purchased a new stake in shares of MGIC Investment in the first quarter valued at about $38,000. Golden State Wealth Management LLC grew its position in MGIC Investment by 7,837.0% during the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock valued at $53,000 after buying an additional 2,116 shares during the period. Finally, Headlands Technologies LLC boosted its position in MGIC Investment by 619.2% during the first quarter. Headlands Technologies LLC now owns 2,280 shares of the insurance provider's stock worth $56,000 after purchasing an additional 1,963 shares during the period. Institutional investors and hedge funds own 95.58% of the company's stock.

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 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 in the company, valued at approximately $6,539,294.22. The trade was a 10.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the business's 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 owned 1,100,994 shares of the company's stock, valued at approximately $29,220,380.76. This trade represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.41% of the company's stock.

MGIC Investment Stock Performance

Shares of MGIC Investment stock traded up $0.07 during trading hours on Wednesday, reaching $28.32. 471,579 shares of the stock traded hands, compared to its average volume of 2,112,070. The company has a 50 day moving average price of $26.94 and a 200 day moving average price of $25.78. The firm has a market capitalization of $6.53 billion, a price-to-earnings ratio of 9.29, a P/E/G ratio of 2.05 and a beta of 0.89. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $28.71. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $304.25 million during 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%.The firm's revenue was down .3% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 EPS. On average, equities research analysts expect 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 paid a dividend of $0.15 per share. 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 dividend on an annualized basis and a dividend yield of 2.1%. MGIC Investment's dividend payout ratio is presently 19.67%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Keefe, Bruyette & Woods lifted their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research note on Monday, July 7th. Compass Point restated a "neutral" rating and set a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Finally, Barclays lifted 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. Five research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, MGIC Investment currently has an average rating of "Reduce" and an average target price of $26.67.

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.