MGIC Investment Corporation $MTG Holdings Raised by NewEdge Advisors LLC

NewEdge Advisors LLC lifted its stake in MGIC Investment Corporation (NYSE:MTG - Free Report) by 126.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 319,592 shares of the insurance provider's stock after purchasing an additional 178,381 shares during the quarter. NewEdge Advisors LLC owned 0.16% of MGIC Investment worth $9,012,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of MTG. Newbridge Financial Services Group Inc. purchased a new position in shares of MGIC Investment in the third quarter worth approximately $28,000. Geneos Wealth Management Inc. boosted its stake in MGIC Investment by 88.0% in 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 during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in MGIC Investment in the 2nd quarter worth approximately $62,000. Harbor Investment Advisory LLC grew its position in MGIC Investment by 613.0% during the 2nd quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider's stock worth $73,000 after purchasing an additional 2,213 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in MGIC Investment during the 4th quarter worth approximately $79,000. Hedge funds and other institutional investors own 95.58% of the company's stock.

MGIC Investment Stock Down 0.3%

Shares of MTG stock opened at $30.76 on Friday. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $31.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. The stock has a fifty day moving average price of $30.17 and a 200 day moving average price of $27.84. The stock has a market cap of $6.31 billion, a P/E ratio of 9.61, a price-to-earnings-growth 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 EPS for the quarter, topping the consensus estimate of $0.76 by $0.11. The business had revenue of $295.39 million during the quarter, compared to the consensus estimate of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.MGIC Investment's revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the company earned $0.82 EPS. Analysts predict that MGIC Investment Corporation will post 3.24 earnings per share for the current year.

MGIC Investment Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th were paid a $0.17 dividend. This is a boost 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 annualized dividend and a dividend yield of 2.2%. MGIC Investment's payout ratio is 21.25%.

Wall Street Analysts Forecast Growth

MTG has been the topic of a number of research analyst reports. Zacks Research upgraded MGIC Investment from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 25th. Royal Bank Of Canada increased their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a "sector perform" rating in a research note on Friday, July 31st. Roth Capital reissued a "buy" rating and set a $35.00 price objective 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, Keefe, Bruyette & Woods increased their price objective 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. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $30.60.

Insider Activity at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $30.30, for a total value of $606,000.00. Following the transaction, the executive vice president directly owned 149,620 shares in the company, valued at $4,533,486. This trade represents a 11.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 dated Tuesday, September 1st. The shares were sold at an average price of $30.73, for a total value of $921,900.00. Following the completion of the sale, the chief operating officer owned 470,951 shares of the company's stock, valued at $14,472,324.23. This represents a 5.99% 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. 1.34% of the stock is owned by insiders.

MGIC Investment Profile

MGIC Investment Corporation NYSE: MTG is a holding company whose principal subsidiary is Mortgage Guaranty Insurance Corporation (MGIC), a provider of private mortgage insurance in the United States. MGIC's insurance helps lenders manage the risk associated with residential mortgages made to borrowers who have limited down payments, allowing qualified homebuyers to obtain financing with less than 20% down.

MGIC primarily offers primary mortgage insurance to mortgage lenders, banks, credit unions and other residential lending institutions.

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