Mirae Asset Global Investments Co. Ltd. Grows Position in MGIC Investment Corporation $MTG

Key Points

• Mirae Asset Global Investments increased its stake in MGIC Investment Corporation by 23.9% in Q2, now holding 63,774 shares valued at approximately $1.775 million.
• MGIC Investment has recently declared a quarterly dividend increase to $0.15, up from $0.13, representing an annualized dividend yield of 2.2%.
• Several analysts have given MGIC Investment a 'Hold' rating, with price targets ranging from $26.00 to $28.00, while the stock currently trades around $26.98.

Mirae Asset Global Investments Co. Ltd. increased its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 23.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 63,774 shares of the insurance provider's stock after purchasing an additional 12,315 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in MGIC Investment were worth $1,775,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. WPG Advisers LLC bought a new stake in shares of MGIC Investment in the 1st quarter worth $26,000. Cullen Frost Bankers Inc. bought a new stake in shares of MGIC Investment in the 1st quarter worth $33,000. Quarry LP bought a new position in shares of MGIC Investment during the 1st quarter valued at approximately $38,000. Geneos Wealth Management Inc. grew its stake in shares of MGIC Investment by 88.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider's stock valued at $43,000 after acquiring an additional 817 shares during the period. Finally, Harbor Capital Advisors Inc. bought a new position in shares of MGIC Investment in the second quarter worth about $49,000. Hedge funds and other institutional investors own 95.58% of the company's stock.

MGIC Investment Trading Down 0.2%

Shares of MTG stock opened at $26.98 on Thursday. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $29.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. The stock's 50 day simple moving average is $27.77 and its two-hundred day simple moving average is $26.42. The company has a market cap of $6.22 billion, a PE ratio of 8.85, a price-to-earnings-growth ratio of 1.96 and a beta of 0.88.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.12. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The business had revenue of $304.25 million for the quarter, compared to the consensus estimate of $306.25 million. During the same period in the prior year, the business posted $0.77 earnings per share. The company's quarterly revenue was down .3% compared to the same quarter last year. Research analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Increases Dividend

The firm also recently declared 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 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 2.2%. 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 Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the sale, the chief executive officer directly owned 961,791 shares in the company, valued at approximately $26,054,918.19. This represents a 12.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total value of $844,500.00. Following the completion of 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 ownership of the stock. 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. Company insiders own 1.05% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of MGIC Investment in a research note on Wednesday. Barclays upped their price objective on MGIC Investment from $27.00 to $28.00 and gave the stock a "cautious" rating in a research note on Monday. Finally, Keefe, Bruyette & Woods upped their price objective on MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research note on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, MGIC Investment has a consensus rating of "Hold" and an average price target of $26.83.

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.

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