Financiere des Professionnels Fonds d investissement inc. Takes $554,000 Position in MGIC Investment Corporation $MTG

Key Points

• Financiere des Professionnels Fonds d investissement inc. made a new investment of $554,000 in MGIC Investment Corporation, purchasing 19,887 shares during the second quarter.
• MGIC Investment recently increased its dividend from $0.13 to $0.15 per share, which corresponds to an annualized dividend of $0.60.
• Several analysts adjusted their price targets for MGIC Investment, with an average target price now at $26.67 and five analysts rating the stock as a Hold.

Financiere des Professionnels Fonds d investissement inc. acquired a new stake in MGIC Investment Corporation (NYSE:MTG - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,887 shares of the insurance provider's stock, valued at approximately $554,000.

Other large investors have also recently added to or reduced their stakes in the company. Millennium Management LLC lifted its stake in MGIC Investment by 913.6% during the first quarter. Millennium Management LLC now owns 2,300,596 shares of the insurance provider's stock worth $57,009,000 after purchasing an additional 2,073,633 shares in the last quarter. Jane Street Group LLC lifted its stake in MGIC Investment by 5,891.9% during the first quarter. Jane Street Group LLC now owns 1,373,050 shares of the insurance provider's stock worth $34,024,000 after purchasing an additional 1,350,135 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in MGIC Investment by 4.8% during the first quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider's stock worth $400,499,000 after purchasing an additional 743,212 shares in the last quarter. Citigroup Inc. lifted its stake in MGIC Investment by 259.1% during the first quarter. Citigroup Inc. now owns 902,982 shares of the insurance provider's stock worth $22,376,000 after purchasing an additional 651,549 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in MGIC Investment by 22.5% during the first quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider's stock worth $80,481,000 after purchasing an additional 605,342 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Down 0.7%

NYSE:MTG traded down $0.19 during trading hours on Friday, hitting $28.31. The company's stock had a trading volume of 10,318,018 shares, compared to its average volume of 2,168,145. The stock has a market capitalization of $6.53 billion, a P/E ratio of 9.28, a price-to-earnings-growth ratio of 2.02 and a beta of 0.89. The stock has a fifty day moving average of $27.06 and a 200-day moving average of $25.96. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week high of $29.01.

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

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, August 7th. This is a positive change from MGIC Investment's previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. MGIC Investment's dividend payout ratio is 19.67%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on MTG shares. 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 note on Monday, July 7th. Compass Point reiterated a "neutral" rating and issued a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Finally, Barclays increased their price objective on MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Five analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $26.67.

Insider Activity

In other news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $26.22, for a total transaction of $786,600.00. Following the completion of the sale, the chief operating officer owned 249,401 shares in the company, 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 dated Thursday, August 7th. The stock was sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the sale, the chief executive officer owned 1,100,994 shares of the company's stock, valued at $29,220,380.76. This trade represents a 11.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.05% of the company's stock.

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.