Livforsakringsbolaget Skandia Omsesidigt Boosts Holdings in MGIC Investment Corporation $MTG

Key Points

• Livforsakringsbolaget Skandia Omsesidigt increased its stake in MGIC Investment Corporation by 70.1%, holding 113,800 shares worth approximately $3.17 million as of the latest SEC filing.
• Several large investors, including JPMorgan Chase & Co. and LSV Asset Management, also raised their positions in MGIC Investment during the first quarter, indicating growing interest from institutional investors.
• MGIC Investment Corporation recently announced an increase in its quarterly dividend to $0.15 per share, reflecting a yield of 2.1% with a current dividend payout ratio of 19.67%.

Livforsakringsbolaget Skandia Omsesidigt lifted its stake in MGIC Investment Corporation (NYSE:MTG - Free Report) by 70.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 113,800 shares of the insurance provider's stock after acquiring an additional 46,900 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt's holdings in MGIC Investment were worth $3,167,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its holdings 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 worth $400,499,000 after acquiring an additional 743,212 shares during the last quarter. LSV Asset Management lifted its holdings in MGIC Investment by 2.9% during the 1st quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider's stock worth $269,815,000 after buying an additional 310,095 shares in the last quarter. AQR Capital Management LLC lifted its holdings in MGIC Investment by 22.5% during the 1st quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider's stock worth $80,481,000 after buying an additional 605,342 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in MGIC Investment by 6.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider's stock worth $76,901,000 after buying an additional 195,895 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its holdings in MGIC Investment by 25.3% during 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 buying an additional 524,973 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Down 0.7%

Shares of MTG traded down $0.19 during midday trading on Friday, reaching $28.31. The stock had a trading volume of 10,318,018 shares, compared to its average volume of 1,585,135. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.01. The company's fifty day simple moving average is $27.12 and its two-hundred day simple moving average is $26.01. The company 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 debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46.

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

MGIC Investment Increases Dividend

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

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, COO Salvatore A. Miosi sold 30,000 shares of the firm'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 directly owned 249,401 shares in the company, valued at approximately $6,539,294.22. This trade represents a 10.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction on Thursday, August 7th. The shares were 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 in the company, valued at $29,220,380.76. This trade represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.05% of the stock is currently owned by company 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.