Financiere des Professionnels Fonds d investissement inc. Buys New 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. purchased a new stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 19,887 shares of the insurance provider's stock, valued at approximately $554,000.

A number of other large investors also recently modified their holdings of the company. Captrust Financial Advisors purchased a new position in shares of MGIC Investment in the 4th quarter worth about $230,000. Cetera Investment Advisers raised its holdings in MGIC Investment by 6.0% in the fourth quarter. Cetera Investment Advisers now owns 13,904 shares of the insurance provider's stock valued at $330,000 after buying an additional 792 shares during the period. Deutsche Bank AG lifted its position in MGIC Investment by 138.7% during the fourth quarter. Deutsche Bank AG now owns 86,530 shares of the insurance provider's stock valued at $2,052,000 after buying an additional 50,272 shares in the last quarter. Focus Partners Wealth acquired a new position in MGIC Investment during the fourth quarter valued at approximately $254,000. Finally, ProShare Advisors LLC lifted its position in MGIC Investment by 4.9% during the fourth quarter. ProShare Advisors LLC now owns 11,854 shares of the insurance provider's stock valued at $281,000 after buying an additional 553 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Stock Performance

MGIC Investment stock traded down $0.19 during mid-day trading on Friday, reaching $28.31. The company's stock had a trading volume of 10,318,018 shares, compared to its average volume of 1,585,135. The firm has a market cap of $6.53 billion, a price-to-earnings ratio of 9.28, a PEG ratio of 2.05 and a beta of 0.89. The business has a 50 day moving average price of $27.12 and a 200-day moving average price of $26.01. 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 twelve month low of $21.94 and a twelve month high of $29.01.

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

MGIC Investment Increases Dividend

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

Insider Activity

In related news, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction dated 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated 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 sale, the chief operating officer directly owned 249,401 shares in the company, valued at approximately $6,539,294.22. This trade represents a 10.74% decrease in their position. The disclosure for this sale can be found here. 1.05% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MTG. Keefe, Bruyette & Woods lifted their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research report on Monday, July 7th. Barclays lifted their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Five analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $26.67.

MGIC Investment 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.