MGIC Investment Corporation $MTG Shares Bought by Vest Financial LLC

Key Points

• Vest Financial LLC increased its stake in MGIC Investment Corporation by 300.1% during the second quarter, acquiring an additional 407,443 shares, bringing its total ownership to 543,233 shares valued at $15.12 million.
• MGIC Investment reported $0.82 EPS for the last quarter, exceeding expectations by $0.12, despite a slight revenue decline of 0.3% year-over-year.
• The company announced a quarterly dividend increase from $0.13 to $0.15, representing a yield of 2.2% and further suggesting a strong financial position.

Vest Financial LLC grew its position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 300.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 543,233 shares of the insurance provider's stock after acquiring an additional 407,443 shares during the quarter. Vest Financial LLC owned about 0.23% of MGIC Investment worth $15,124,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. WPG Advisers LLC acquired a new position in shares of MGIC Investment during the first quarter valued at $26,000. Cullen Frost Bankers Inc. acquired a new position in shares of MGIC Investment during the first quarter valued at $33,000. Quarry LP acquired a new stake in MGIC Investment in the first quarter worth about $38,000. Geneos Wealth Management Inc. grew its position 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 valued at $43,000 after buying an additional 817 shares in the last quarter. Finally, Harbor Capital Advisors Inc. bought a new position in MGIC Investment in the 2nd quarter valued at about $49,000. Institutional investors and hedge funds own 95.58% of the company's stock.

MGIC Investment Price Performance

Shares of MGIC Investment stock opened at $26.99 on Tuesday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. The company's 50-day moving average price is $27.80 and its two-hundred day moving average price is $26.49. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.01. The stock has a market cap of $6.22 billion, a PE ratio of 8.85, a price-to-earnings-growth ratio of 1.93 and a beta of 0.88.

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

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.2%. This is a boost from MGIC Investment's previous quarterly dividend of $0.13. The ex-dividend date was Thursday, August 7th. MGIC Investment's dividend payout ratio (DPR) is presently 19.67%.

Analysts Set New Price Targets

Several equities analysts have commented on MTG shares. Keefe, Bruyette & Woods raised their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research note on Monday, July 7th. Barclays raised their target price on shares of MGIC Investment from $27.00 to $28.00 and gave the company a "cautious" rating in a research note on Monday, October 6th. Finally, Weiss Ratings reissued a "buy (a-)" rating on shares of MGIC Investment in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $26.83.

Insider Activity

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,203 shares of the business's stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total transaction of $3,771,009.27. Following the sale, the chief executive officer owned 961,791 shares in the company, valued at approximately $26,054,918.19. The trade was a 12.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the business's stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total value of $844,500.00. Following the sale, the chief operating officer owned 189,401 shares in the company, valued at approximately $5,331,638.15. The trade was a 13.67% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 338,406 shares of company stock worth $9,096,557. 1.41% of the stock is owned by company insiders.

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.

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