Krilogy Financial LLC Makes New Investment in MGIC Investment Corporation $MTG

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 stake in shares of 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 firm acquired 10,387 shares of the insurance provider's stock, valued at approximately $289,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTG. JPMorgan Chase & Co. boosted its position in shares of MGIC Investment by 4.8% in the 1st quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider's stock valued at $400,499,000 after purchasing an additional 743,212 shares during the period. LSV Asset Management lifted its holdings in shares of MGIC Investment by 2.9% in the first quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider's stock valued at $269,815,000 after purchasing an additional 310,095 shares in the last quarter. AQR Capital Management LLC grew its position in shares of 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 valued at $80,481,000 after purchasing an additional 605,342 shares during the last quarter. Goldman Sachs Group Inc. raised its position in MGIC Investment by 6.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider's stock worth $76,901,000 after purchasing an additional 195,895 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in MGIC Investment by 25.3% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,597,602 shares of the insurance provider's stock worth $64,369,000 after purchasing an additional 524,973 shares during the period. Institutional investors and hedge funds own 95.58% of the company's stock.

Insider Activity

In other news, COO Salvatore A. Miosi sold 30,000 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $26.22, for a total value of $786,600.00. Following the sale, the chief operating officer owned 249,401 shares of the company's stock, valued at $6,539,294.22. The trade was a 10.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the completion of the transaction, the chief executive officer directly owned 1,100,994 shares of the company's stock, valued at $29,220,380.76. This trade represents a 11.22% decrease in their position. The disclosure for this sale can be found here. 1.05% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MTG shares. Keefe, Bruyette & Woods lifted their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research note on Monday, July 7th. Barclays upped their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $26.67.

MGIC Investment Price Performance

Shares of MGIC Investment stock traded down $0.19 during trading on Friday, hitting $28.31. 10,318,018 shares of the stock traded hands, compared to its average volume of 1,585,135. The stock has a market cap of $6.53 billion, a price-to-earnings ratio of 9.28, a PEG ratio of 2.05 and a beta of 0.89. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The firm's fifty day moving average is $27.12 and its 200-day moving average is $26.01. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.01.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.70 by $0.12. The business had revenue of $304.25 million for the quarter, compared to the consensus estimate of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The business's revenue was down .3% on a year-over-year basis. During the same period in the previous year, the business earned $0.77 earnings per share. Research analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Increases Dividend

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

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.