10,387 Shares in MGIC Investment Corporation $MTG Bought by Krilogy Financial LLC

Key Points

• Krilogy Financial LLC has invested approximately $289,000 in MGIC Investment Corporation, acquiring 10,387 shares during the second quarter.
• Notable institutional investors, including Millennium Management and Jane Street Group, have significantly increased their stakes in MGIC Investment, with some boosts exceeding 900% in the first quarter.
• The company recently declared a quarterly dividend of $0.15 per share, a raise from its previous dividend of $0.13, reflecting a 2.2% dividend yield.

Krilogy Financial LLC acquired a new position in MGIC Investment Corporation (NYSE:MTG - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 10,387 shares of the insurance provider's stock, valued at approximately $289,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Millennium Management LLC raised its holdings in MGIC Investment by 913.6% in the first quarter. Millennium Management LLC now owns 2,300,596 shares of the insurance provider's stock worth $57,009,000 after purchasing an additional 2,073,633 shares in the last quarter. Jane Street Group LLC raised its holdings in MGIC Investment by 5,891.9% in the first quarter. Jane Street Group LLC now owns 1,373,050 shares of the insurance provider's stock worth $34,024,000 after purchasing an additional 1,350,135 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in MGIC Investment by 4.8% in the first quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider's stock worth $400,499,000 after purchasing an additional 743,212 shares in the last quarter. Citigroup Inc. raised its holdings in MGIC Investment by 259.1% in the first quarter. Citigroup Inc. now owns 902,982 shares of the insurance provider's stock worth $22,376,000 after purchasing an additional 651,549 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in MGIC Investment by 22.5% in the first quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider's stock worth $80,481,000 after purchasing an additional 605,342 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Stock Performance

NYSE MTG traded down $0.19 during trading hours on Friday, reaching $28.31. The stock had a trading volume of 10,318,018 shares, compared to its average volume of 2,168,145. The stock has a fifty day moving average of $27.06 and a 200 day moving average of $25.96. The stock has a market cap of $6.53 billion, a P/E ratio of 9.28, a price-to-earnings-growth ratio of 2.02 and a beta of 0.89. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week high of $29.01. 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 issued its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.12. The firm had revenue of $304.25 million for the quarter, compared to analyst estimates of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.MGIC Investment's revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 earnings per share. Sell-side analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were given a $0.15 dividend. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Thursday, August 7th. MGIC Investment's payout ratio is currently 19.67%.

Insider Buying and Selling

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,203 shares of the company'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 sale, the chief executive officer owned 1,100,994 shares in the company, valued at approximately $29,220,380.76. This represents a 11.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Salvatore A. Miosi sold 30,000 shares of the company'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 owned 249,401 shares in the company, valued at approximately $6,539,294.22. This represents a 10.74% decrease in their position. The disclosure for this sale can be found here. 1.05% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MTG has been the subject of a number of recent research reports. Compass Point reiterated a "neutral" rating and issued a $28.00 target price (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Keefe, Bruyette & Woods boosted their price target on MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research note on Monday, July 7th. Finally, Barclays increased their price objective on shares of 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 given a Sell rating to the company. According to data from MarketBeat.com, MGIC Investment presently has an average rating of "Reduce" and an average target price of $26.67.

MGIC Investment Profile

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.