Hotchkis & Wiley Capital Management LLC Has $9.27 Million Stock Holdings in MGIC Investment Corporation $MTG

Key Points

• Hotchkis & Wiley Capital Management LLC has reduced its stake in MGIC Investment Corporation by 33.6%, owning 374,090 shares worth approximately $9.27 million as of the latest SEC filing.
• MGIC Investment recently declared an increased quarterly dividend of $0.15 per share, up from $0.13, reflecting a positive change and a dividend yield of 2.1%.
• The company's stock, MTG, opened at $28.1450, and has seen a 2.2% increase recently, with a market capitalization of $6.49 billion and a P/E ratio of 9.23.

Hotchkis & Wiley Capital Management LLC reduced its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 33.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 374,090 shares of the insurance provider's stock after selling 189,290 shares during the period. Hotchkis & Wiley Capital Management LLC owned about 0.16% of MGIC Investment worth $9,270,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Brooklyn Investment Group raised its stake in MGIC Investment by 15.5% in the first quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider's stock valued at $77,000 after buying an additional 416 shares during the period. Signaturefd LLC boosted its stake in shares of MGIC Investment by 1.9% during the 1st quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider's stock worth $548,000 after acquiring an additional 421 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of MGIC Investment by 4.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider's stock worth $270,000 after acquiring an additional 437 shares during the last quarter. Fifth Third Bancorp raised its stake in MGIC Investment by 20.1% in the 1st quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock valued at $68,000 after acquiring an additional 461 shares during the period. Finally, NorthCrest Asset Manangement LLC lifted its holdings in MGIC Investment by 1.3% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 41,718 shares of the insurance provider's stock valued at $1,034,000 after purchasing an additional 524 shares during the last quarter. Institutional investors own 95.58% of the company's stock.

Insider Activity at MGIC Investment

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 value 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. The trade was a 10.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.49, for a total value of $529,800.00. Following the completion of the transaction, the executive vice president directly owned 157,395 shares of the company's stock, valued at $4,169,393.55. This represents a 11.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 189,203 shares of company stock worth $5,010,848. Company insiders own 1.41% of the company's stock.

MGIC Investment Stock Up 2.2%

MTG opened at $28.1450 on Monday. The stock has a fifty day moving average of $26.79 and a 200-day moving average of $25.50. The company has a market capitalization of $6.49 billion, a P/E ratio of 9.23, a P/E/G ratio of 2.04 and a beta of 0.90. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $28.67. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings results 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 business had revenue of $304.25 million for the quarter, compared to analyst estimates of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. MGIC Investment's revenue for the quarter was down .3% compared to the same quarter last year. During the same period last year, the firm earned $0.77 earnings per share. On average, equities analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

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

Analyst Ratings Changes

MTG has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research report on Monday, July 7th. Compass Point reaffirmed 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 upped 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 note on Tuesday, July 8th. Five research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, MGIC Investment currently has an average rating of "Reduce" and a consensus price target 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.

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