MGIC Investment Corporation $MTG Shares Acquired by Vident Advisory LLC

Key Points

• Vident Advisory LLC increased its stake in MGIC Investment Corporation by 9.5% in the first quarter, holding approximately 164,670 shares valued at $4.08 million.
• MGIC Investment recently raised its quarterly dividend to $0.15, up from $0.13, resulting in an annualized dividend yield of 2.2%.
• Despite a slight decline in quarterly revenue, MGIC Investment reported earnings per share of $0.82, exceeding analysts' expectations of $0.70.

Vident Advisory LLC grew its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 9.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 164,670 shares of the insurance provider's stock after acquiring an additional 14,271 shares during the period. Vident Advisory LLC owned about 0.07% of MGIC Investment worth $4,081,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MTG. KBC Group NV grew its stake in shares of MGIC Investment by 10.2% in the 1st quarter. KBC Group NV now owns 11,417 shares of the insurance provider's stock valued at $283,000 after buying an additional 1,060 shares during the period. Cerity Partners LLC grew its stake in shares of MGIC Investment by 59.2% in the 1st quarter. Cerity Partners LLC now owns 78,307 shares of the insurance provider's stock valued at $1,940,000 after buying an additional 29,104 shares during the period. GAMMA Investing LLC grew its stake in shares of MGIC Investment by 39.1% in the 1st quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider's stock valued at $150,000 after buying an additional 1,705 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of MGIC Investment by 4.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider's stock valued at $270,000 after buying an additional 437 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of MGIC Investment by 50.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider's stock valued at $406,000 after buying an additional 5,393 shares during the period. Institutional investors and hedge funds own 95.58% of the company's stock.

MGIC Investment Stock Up 0.8%

Shares of MTG traded up $0.22 during midday trading on Wednesday, reaching $28.05. The stock had a trading volume of 1,196,482 shares, compared to its average volume of 2,138,948. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $28.67. The company's fifty day simple moving average is $26.90 and its two-hundred day simple moving average is $25.66. The company has a market cap of $6.46 billion, a price-to-earnings ratio of 9.20, a PEG ratio of 2.01 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 posted its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.12. The firm had revenue of $304.25 million for the quarter, compared to the consensus estimate of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The company's revenue was down .3% on a year-over-year basis. During the same period last year, the firm posted $0.77 EPS. 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 announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were issued a $0.15 dividend. The ex-dividend date of this dividend was Thursday, August 7th. This is a positive change from MGIC Investment's previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. MGIC Investment's payout ratio is presently 19.67%.

Analyst Ratings Changes

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

Insider Activity

In related news, CEO Timothy J. Mattke sold 139,203 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $26.54, for a total value of $3,694,447.62. Following the completion of the sale, the chief executive officer 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $26.22, for a total transaction 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. The trade was a 10.74% decrease in their position. The disclosure for this sale can be found here. 1.41% of the stock is owned by insiders.

MGIC Investment Company 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.