Foster & Motley Inc. Boosts Stock Holdings in MGIC Investment Corporation $MTG

Key Points

• Foster & Motley Inc. increased its stake in MGIC Investment Corporation by 6.7% during the 2nd quarter, bringing its total holdings to 282,546 shares worth approximately $7.87 million.
• MGIC Investment recently increased its quarterly dividend to $0.15, reflecting an annualized yield of 2.2%, up from the previous dividend of $0.13.
• The company reported an EPS of $0.82 for the last quarter, exceeding analysts' expectations of $0.70, although its revenue was slightly below projections at $304.25 million.

Foster & Motley Inc. raised its stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 6.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 282,546 shares of the insurance provider's stock after purchasing an additional 17,710 shares during the period. Foster & Motley Inc. owned 0.12% of MGIC Investment worth $7,866,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in MTG. EP Wealth Advisors LLC grew its holdings in shares of MGIC Investment by 0.9% in the first quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider's stock valued at $1,127,000 after purchasing an additional 398 shares in the last quarter. Brooklyn Investment Group grew its stake in shares of MGIC Investment by 15.5% in the 1st quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider's stock worth $77,000 after buying an additional 416 shares in the last quarter. Signaturefd LLC increased its holdings in shares of MGIC Investment by 1.9% in the 1st quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider's stock worth $548,000 after buying an additional 421 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of MGIC Investment by 4.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider's stock worth $270,000 after buying an additional 437 shares during the last quarter. Finally, Fifth Third Bancorp grew its position in MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after acquiring an additional 461 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company's stock.

MGIC Investment Trading Up 1.4%

Shares of MGIC Investment stock opened at $26.94 on Friday. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.01. The firm's 50 day simple moving average is $27.82 and its two-hundred day simple moving average is $26.53. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of 8.83, a PEG ratio of 1.92 and a beta of 0.88.

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, beating the consensus estimate of $0.70 by $0.12. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The business had revenue of $304.25 million during the quarter, compared to analysts' expectations of $306.25 million. During the same quarter in the previous year, the firm posted $0.77 EPS. The company's revenue for the quarter was down .3% on a year-over-year basis. Analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.60 annualized dividend and a yield of 2.2%. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's dividend payout ratio is currently 19.67%.

Analyst Ratings Changes

A number of research firms have weighed in on MTG. Keefe, Bruyette & Woods boosted their price objective 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 boosted their target price on shares of MGIC Investment from $27.00 to $28.00 and gave the company a "cautious" rating in a research note on Monday, October 6th. Finally, Weiss Ratings restated a "buy (a-)" rating on shares of MGIC Investment in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, MGIC Investment has an average rating of "Hold" and a consensus target price of $26.83.

Insider Activity

In other MGIC Investment 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 transaction of $3,694,447.62. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total transaction of $844,500.00. Following the transaction, the chief operating officer directly owned 189,401 shares of the company's stock, valued at $5,331,638.15. The trade was a 13.67% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 338,406 shares of company stock worth $9,096,557. Insiders own 1.05% of the company's stock.

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.

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