Jupiter Topco LLC Takes Position in MGIC Investment Corporation $MTG

Key Points

• Jupiter Topco LLC acquired 92,217 MGIC Investment shares during the second quarter, valued at approximately $2.6 million. Institutional investors collectively own 95.58% of the company.
• MGIC Investment reported quarterly EPS of $0.87, exceeding analyst expectations of $0.76, while revenue declined 2.9% year over year to $295.39 million. The company also raised its quarterly dividend from $0.15 to $0.17 per share.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $30.60; the stock recently traded at $31.04, near its 12-month high of $31.89.

Jupiter Topco LLC bought a new stake in MGIC Investment Corporation (NYSE:MTG - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 92,217 shares of the insurance provider's stock, valued at approximately $2,600,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Newbridge Financial Services Group Inc. bought a new position in MGIC Investment in the third quarter valued at approximately $28,000. SBI Securities Co. Ltd. raised its stake in shares of MGIC Investment by 40.3% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider's stock worth $43,000 after purchasing an additional 420 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in shares of MGIC Investment by 88.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider's stock worth $43,000 after purchasing an additional 817 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of MGIC Investment in the 2nd quarter valued at approximately $62,000. Finally, Harbor Investment Advisory LLC boosted its holdings in shares of MGIC Investment by 613.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider's stock valued at $73,000 after buying an additional 2,213 shares during the last quarter. Institutional investors own 95.58% of the company's stock.

MGIC Investment Stock Performance

MTG opened at $31.04 on Thursday. 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 12-month low of $24.69 and a 12-month high of $31.89. The business has a 50 day moving average of $29.76 and a 200-day moving average of $27.63. The stock has a market cap of $6.37 billion, a price-to-earnings ratio of 9.70, a PEG ratio of 0.78 and a beta of 0.65.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share for the quarter, topping 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 business had revenue of $295.39 million for the quarter, compared to analyst estimates of $297.54 million. During the same period in the previous year, the firm earned $0.82 EPS. The firm's revenue was down 2.9% compared to the same quarter last year. On average, equities research analysts expect that MGIC Investment Corporation will post 3.24 earnings per share for the current year.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were issued a $0.17 dividend. This is an increase from MGIC Investment's previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Wednesday, August 5th. MGIC Investment's dividend payout ratio is presently 21.25%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on MTG shares. Weiss Ratings upgraded shares of MGIC Investment from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, August 19th. Royal Bank Of Canada increased their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the company a "sector perform" rating in a research note on Friday, July 31st. Roth Capital reissued a "buy" rating and issued a $35.00 price objective on shares of MGIC Investment in a research report on Thursday, July 30th. Keefe, Bruyette & Woods lifted their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the company a "market perform" rating in a research report on Friday, July 31st. Finally, Zacks Research upgraded shares of MGIC Investment from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 25th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $30.60.

Insider Buying and Selling at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the transaction, the chief operating officer directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $30.30, for a total transaction of $606,000.00. Following the sale, the executive vice president owned 149,620 shares of the company's stock, valued at approximately $4,533,486. This represents a 11.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 80,000 shares of company stock worth $2,289,300. Corporate insiders own 1.34% of the company's stock.

MGIC Investment Company Profile

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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