MGIC Investment Corporation $MTG Stock Holdings Lessened by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its MGIC Investment stake by 61.3% in the second quarter, selling 38,122 shares and retaining 24,118 shares valued at approximately $680,000. Institutional investors collectively own 95.58% of the company.
• MGIC Investment reported quarterly EPS of $0.87, exceeding estimates of $0.76, while revenue declined 2.9% year over year to $295.39 million. The company also increased its quarterly dividend from $0.15 to $0.17 per share.
• Analyst sentiment remains positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $30.60; shares recently traded at $29.48.

Engineers Gate Manager LP lowered its stake in MGIC Investment Corporation (NYSE:MTG - Free Report) by 61.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,118 shares of the insurance provider's stock after selling 38,122 shares during the quarter. Engineers Gate Manager LP's holdings in MGIC Investment were worth $680,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. NewEdge Advisors LLC boosted its holdings in shares of MGIC Investment by 126.3% during the second quarter. NewEdge Advisors LLC now owns 319,592 shares of the insurance provider's stock worth $9,012,000 after purchasing an additional 178,381 shares during the period. Baird Financial Group Inc. lifted its position in MGIC Investment by 3.1% in the 2nd quarter. Baird Financial Group Inc. now owns 13,092 shares of the insurance provider's stock worth $369,000 after buying an additional 392 shares in the last quarter. Nykredit A S acquired a new stake in shares of MGIC Investment during the 2nd quarter valued at $87,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of MGIC Investment during the 2nd quarter valued at $29,919,000. Finally, HB Wealth Management LLC grew its holdings in shares of MGIC Investment by 52.4% during the 2nd quarter. HB Wealth Management LLC now owns 24,415 shares of the insurance provider's stock valued at $689,000 after acquiring an additional 8,398 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company's stock.

Insider Activity at MGIC Investment

In related news, COO Salvatore Miosi sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $30.73, for a total transaction of $921,900.00. Following the completion of the sale, the chief operating officer directly owned 470,951 shares of the company's stock, valued at $14,472,324.23. The trade was a 5.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula Maggio sold 20,000 shares of the business's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $30.30, for a total transaction of $606,000.00. Following the sale, the executive vice president directly owned 149,620 shares of the company's stock, valued at approximately $4,533,486. This trade represents a 11.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.34% of the stock is owned by insiders.

MGIC Investment Price Performance

MTG opened at $29.48 on Tuesday. 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 market capitalization of $6.05 billion, a P/E ratio of 9.21, a price-to-earnings-growth ratio of 0.75 and a beta of 0.65. The company's 50 day simple moving average is $30.37 and its 200-day simple moving average is $27.99. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $31.89.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.11. The firm had revenue of $295.39 million for the quarter, compared to analyst estimates of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The business's quarterly revenue was down 2.9% compared to the same quarter last year. During the same period last year, the company earned $0.82 EPS. Sell-side analysts anticipate that MGIC Investment Corporation will post 3.24 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th were given a dividend of $0.17 per share. The ex-dividend date was Wednesday, August 5th. This represents a $0.68 annualized dividend and a dividend yield of 2.3%. This is a positive change from MGIC Investment's previous quarterly dividend of $0.15. MGIC Investment's dividend payout ratio is presently 21.25%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Roth Capital reiterated a "buy" rating and set a $35.00 price objective on shares of MGIC Investment in a report on Thursday, July 30th. Keefe, Bruyette & Woods upped their price target on MGIC Investment from $29.00 to $30.00 and gave the company a "market perform" rating in a report on Friday, July 31st. Royal Bank Of Canada raised 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. Weiss Ratings raised MGIC Investment from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, August 19th. Finally, Zacks Research raised MGIC Investment from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 25th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $30.60.

MGIC Investment Company 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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