MGIC Investment Corporation $MTG Shares Purchased by Arbejdsmarkedets Tillaegspension

Key Points

• Arbejdsmarkedets Tillaegspension increased its MGIC Investment stake by 17% in the first quarter, bringing its total to 979,003 shares valued at about $25.7 million.
• Analysts remain cautious on MTG, with the stock holding a consensus “Hold” rating and an average price target of $28.25 after mixed rating actions from firms including Keefe, Bruyette & Woods, Barclays, and RBC.
• MGIC reported Q1 EPS of $0.76, beating estimates, and continues to return capital through a $0.15 quarterly dividend plus a newly authorized $750 million share buyback plan.

Arbejdsmarkedets Tillaegspension increased its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 17.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 979,003 shares of the insurance provider's stock after acquiring an additional 142,049 shares during the period. Arbejdsmarkedets Tillaegspension owned approximately 0.46% of MGIC Investment worth $25,699,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Jefferies Financial Group Inc. boosted its holdings in MGIC Investment by 245.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 364,650 shares of the insurance provider's stock worth $10,655,000 after buying an additional 259,039 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of MGIC Investment by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider's stock worth $163,368,000 after acquiring an additional 146,589 shares during the last quarter. Tudor Investment Corp ET AL boosted its stake in shares of MGIC Investment by 106.1% in the third quarter. Tudor Investment Corp ET AL now owns 687,445 shares of the insurance provider's stock worth $19,503,000 after acquiring an additional 353,935 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of MGIC Investment during the fourth quarter worth approximately $3,971,000. Finally, Assetmark Inc. increased its position in shares of MGIC Investment by 21.8% during the fourth quarter. Assetmark Inc. now owns 2,038,558 shares of the insurance provider's stock worth $59,567,000 after purchasing an additional 364,406 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

Analyst Upgrades and Downgrades

MTG has been the topic of a number of research reports. Keefe, Bruyette & Woods raised their price objective on MGIC Investment from $28.00 to $29.00 and gave the company a "market perform" rating in a report on Friday, April 10th. Barclays dropped their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an "equal weight" rating for the company in a research note on Friday, May 1st. Royal Bank Of Canada started coverage on shares of MGIC Investment in a report on Friday, May 22nd. They issued a "sector perform" rating and a $28.00 price objective for the company. Finally, Weiss Ratings upgraded MGIC Investment from a "buy (b)" rating to a "buy (b+)" rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $28.25.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the sale, the chief operating officer owned 560,951 shares of the company's stock, valued at $14,236,936.38. This trade represents a 5.08% 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, EVP Paula C. Maggio sold 20,937 shares of MGIC Investment stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.55, for a total value of $534,940.35. Following the completion of the transaction, the executive vice president owned 169,620 shares of the company's stock, valued at $4,333,791. The trade was a 10.99% 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. Insiders own 1.34% of the company's stock.

MGIC Investment Trading Down 0.1%

MTG opened at $28.11 on Monday. MGIC Investment Corporation has a 52 week low of $24.69 and a 52 week high of $29.97. The business has a fifty day simple moving average of $26.46 and a 200-day simple moving average of $26.94. The firm has a market cap of $5.95 billion, a P/E ratio of 8.93, a P/E/G ratio of 1.94 and a beta of 0.67. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating analysts' consensus estimates of $0.73 by $0.03. The company had revenue of $297.08 million during the quarter, compared to analysts' expectations of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.MGIC Investment's revenue for the quarter was down 3.0% on a year-over-year basis. During the same period last year, the business posted $0.75 EPS. On average, equities analysts expect that MGIC Investment Corporation will post 3.05 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Wednesday, May 6th. MGIC Investment's dividend payout ratio (DPR) is currently 19.05%.

MGIC Investment announced that its Board of Directors has authorized a share buyback plan on Thursday, April 23rd that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 12.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

MGIC Investment Company Profile

MGIC Investment Corporation NYSE: MTG is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation's first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company's primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.

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