Jefferies Financial Group Inc. bought a new position in MGIC Investment Corporation (NYSE:MTG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 428,170 shares of the insurance provider's stock, valued at approximately $12,074,000. Jefferies Financial Group Inc. owned approximately 0.21% of MGIC Investment as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of MTG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in MGIC Investment in the 1st quarter valued at approximately $2,397,000. Goldman Sachs Group Inc. lifted its position in shares of MGIC Investment by 6.7% during the first quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider's stock worth $76,901,000 after acquiring an additional 195,895 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider's stock worth $43,000 after acquiring an additional 817 shares during the period. Sivia Capital Partners LLC bought a new position in shares of MGIC Investment in the second quarter worth $425,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of MGIC Investment by 18.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,211 shares of the insurance provider's stock valued at $145,000 after purchasing an additional 830 shares in the last quarter. Institutional investors own 95.58% of the company's stock.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods upped their price target on MGIC Investment from $29.00 to $30.00 and gave the company a "market perform" rating in a research report on Friday, July 31st. Barclays cut their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an "equal weight" rating for the company in a research report on Friday, May 1st. Roth Capital reaffirmed a "buy" rating and set a $35.00 target price on shares of MGIC Investment in a report on Thursday, July 30th. Weiss Ratings upgraded shares of MGIC Investment from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, August 19th. Finally, Royal Bank Of Canada raised their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the company a "sector perform" rating in a report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, MGIC Investment presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.60.
Read Our Latest Stock Analysis on MGIC Investment
Insider Activity at MGIC Investment
In other news, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $30.30, for a total value of $606,000.00. Following the transaction, the executive vice president owned 149,620 shares in the company, valued at approximately $4,533,486. This trade represents a 11.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the company's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the sale, the chief operating officer owned 560,951 shares of the company's stock, valued at $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.34% of the company's stock.
MGIC Investment Stock Performance
MGIC Investment stock opened at $31.12 on Friday. The firm has a fifty day simple moving average of $29.41 and a two-hundred day simple moving average of $27.52. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a twelve month low of $24.69 and a twelve month high of $31.89. The company has a market capitalization of $6.38 billion, a PE ratio of 9.73, a P/E/G ratio of 0.80 and a beta of 0.66.
MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.11. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The firm had revenue of $295.39 million for the quarter, compared to analysts' expectations of $297.54 million. During the same period last year, the firm earned $0.82 earnings per share. The company's revenue for the quarter was down 2.9% compared to the same quarter last year. Research analysts expect that MGIC Investment Corporation will post 3.24 EPS for the current year.
MGIC Investment Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were paid a $0.17 dividend. This is an increase from MGIC Investment's previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, August 5th. This represents a $0.68 dividend on an annualized basis and a yield of 2.2%. MGIC Investment's payout ratio is presently 21.25%.
MGIC Investment Profile
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Free Report)
MGIC Investment Corporation NYSE: MTG is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation's first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.
The company's primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.
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