Ieq Capital LLC Buys Shares of 20,732 MGIC Investment Corporation $MTG

Key Points

• Ieq Capital LLC has acquired a new stake in MGIC Investment Corporation, purchasing 20,732 shares valued at approximately $514,000 during the first quarter.
• Several hedge funds have increased their positions in MGIC Investment, with cumulative holdings rising significantly among various firms, highlighting a strong interest from institutional investors.
• MGIC Investment Corporation recently declared a quarterly dividend of $0.15, representing a positive increase from the previous $0.13, reflecting a 2.1% dividend yield.

Ieq Capital LLC acquired a new stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 20,732 shares of the insurance provider's stock, valued at approximately $514,000.

Several other institutional investors also recently bought and sold shares of MTG. Cullen Frost Bankers Inc. purchased a new position in shares of MGIC Investment during the 1st quarter worth about $33,000. Golden State Wealth Management LLC boosted its holdings 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 worth $53,000 after buying an additional 2,116 shares in the last quarter. Headlands Technologies LLC raised 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 acquiring an additional 1,963 shares during the period. UMB Bank n.a. increased its position in MGIC Investment by 61.3% during the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock worth $66,000 after purchasing an additional 1,011 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in MGIC Investment by 20.1% during the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after buying an additional 461 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MTG has been the topic of a number of research analyst reports. Compass Point reissued a "neutral" rating and set a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Keefe, Bruyette & Woods increased their target price on MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research report on Monday, July 7th. Finally, Barclays increased their price target on 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 equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $26.67.

MGIC Investment Stock Performance

MTG traded down $0.02 during trading on Monday, hitting $28.39. The stock had a trading volume of 576,630 shares, compared to its average volume of 2,123,344. The firm has a market cap of $6.54 billion, a price-to-earnings ratio of 9.31, a P/E/G ratio of 2.05 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. The company has a 50 day moving average price of $26.93 and a 200-day moving average price of $25.73. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $28.71.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $304.25 million for the quarter, compared to analyst estimates of $306.25 million. During the same quarter last year, the company posted $0.77 EPS. The company's revenue for the quarter was down .3% compared to the same quarter last year. As a group, research analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

The firm 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 positive change from MGIC Investment's previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Thursday, August 7th. MGIC Investment's dividend payout ratio is 19.67%.

Insider Activity

In related news, COO Salvatore A. Miosi sold 30,000 shares of the business's 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 transaction, the chief operating officer owned 249,401 shares in the company, valued at $6,539,294.22. The trade was a 10.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $26.54, for a total value of $3,694,447.62. Following the completion of the sale, the chief executive officer directly owned 1,100,994 shares in the company, valued at approximately $29,220,380.76. This represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.41% of the stock is currently owned by insiders.

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.