MGIC Investment Corporation $MTG Stake Boosted by Millennium Management LLC

Millennium Management LLC raised its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 913.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,300,596 shares of the insurance provider's stock after buying an additional 2,073,633 shares during the quarter. Millennium Management LLC owned approximately 0.97% of MGIC Investment worth $57,009,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. EP Wealth Advisors LLC grew its holdings in shares of MGIC Investment by 0.9% during the 1st quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider's stock worth $1,127,000 after purchasing an additional 398 shares during the period. Brooklyn Investment Group grew its holdings in shares of MGIC Investment by 15.5% during the 1st quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider's stock worth $77,000 after purchasing an additional 416 shares during the period. Signaturefd LLC grew its holdings in shares of MGIC Investment by 1.9% during the 1st quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider's stock worth $548,000 after purchasing an additional 421 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of MGIC Investment by 4.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider's stock worth $270,000 after purchasing an additional 437 shares during the period. Finally, Fifth Third Bancorp grew its holdings in shares of MGIC Investment by 20.1% during the 1st quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after purchasing an additional 461 shares during the period. Hedge funds and other institutional investors own 95.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MTG shares. Keefe, Bruyette & Woods boosted their target price on MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a report on Monday, July 7th. Compass Point reiterated a "neutral" rating and set a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Finally, Barclays boosted their target price on MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Five analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $26.67.

MGIC Investment Stock Down 1.7%

NYSE MTG traded down $0.48 on Friday, reaching $28.44. The company had a trading volume of 1,538,179 shares, compared to its average volume of 1,394,373. The firm has a market capitalization of $6.56 billion, a PE ratio of 9.32, a P/E/G ratio of 2.09 and a beta of 0.89. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $28.98. The firm has a 50-day moving average of $26.95 and a 200-day moving average of $25.87. 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 released its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.12. The firm had revenue of $304.25 million during the quarter, compared to analysts' expectations of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.MGIC Investment's quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.77 EPS. On average, equities research analysts anticipate 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 dividend of $0.15 per share. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. The ex-dividend date was Thursday, August 7th. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. MGIC Investment's dividend payout ratio (DPR) is currently 19.67%.

Insider Activity at MGIC Investment

In other news, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction that occurred on 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 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 filing with the SEC, which can be accessed through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer owned 249,401 shares of the company's stock, valued at approximately $6,539,294.22. This trade represents a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.05% of the company's stock.

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.