NewEdge Advisors LLC Buys 23,941 Shares of MGIC Investment Corporation $MTG

Key Points

• NewEdge Advisors LLC increased its stake in MGIC Investment Corporation by 43.0%, acquiring an additional 23,941 shares during the first quarter, bringing its total holdings to 79,597 shares valued at approximately $1.97 million.
• MGIC's stock has a consensus rating of "Reduce" with an average price target of $26.67, while several analysts have recently increased their price targets to as high as $28.00.
• The company has announced a quarterly dividend increase to $0.15 per share, representing a yield of 2.1%, with a low dividend payout ratio of 19.67%.

NewEdge Advisors LLC boosted its stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 43.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 79,597 shares of the insurance provider's stock after acquiring an additional 23,941 shares during the quarter. NewEdge Advisors LLC's holdings in MGIC Investment were worth $1,972,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. WPG Advisers LLC acquired a new position in MGIC Investment during the 1st quarter valued at about $26,000. Cullen Frost Bankers Inc. acquired a new position in MGIC Investment during the 1st quarter valued at about $33,000. Quarry LP acquired a new position in MGIC Investment during the 1st quarter valued at about $38,000. Golden State Wealth Management LLC lifted its position in MGIC Investment by 7,837.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock valued at $53,000 after purchasing an additional 2,116 shares during the period. Finally, Headlands Technologies LLC lifted its position in MGIC Investment by 619.2% during the 1st quarter. Headlands Technologies LLC now owns 2,280 shares of the insurance provider's stock valued at $56,000 after purchasing an additional 1,963 shares during the period. Institutional investors own 95.58% of the company's stock.

Analysts Set New Price Targets

MTG has been the topic of a number of research reports. Keefe, Bruyette & Woods upped 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 report on Monday, July 7th. Barclays upped their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Compass Point reaffirmed a "neutral" rating and issued a $28.00 price target (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Five equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $26.67.

MGIC Investment Trading Up 1.9%

NYSE:MTG opened at $28.92 on Friday. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $28.98. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $26.96 and a two-hundred day moving average price of $25.83. The company has a market cap of $6.67 billion, a P/E ratio of 9.48, a price-to-earnings-growth ratio of 2.05 and a beta of 0.89.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.12. The firm had revenue of $304.25 million during the quarter, compared to the consensus estimate of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The business's revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.77 EPS. As a group, analysts expect 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. Investors of record on Thursday, August 7th were paid a $0.15 dividend. This is a boost from MGIC Investment's previous quarterly dividend of $0.13. The ex-dividend date was Thursday, August 7th. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. MGIC Investment's dividend payout ratio (DPR) is currently 19.67%.

Insiders Place Their Bets

In related news, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $26.54, for a total value of $3,694,447.62. Following the sale, the chief executive officer owned 1,100,994 shares in the company, valued at approximately $29,220,380.76. This represents a 11.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction on Friday, August 1st. The stock was sold at an average price of $26.22, for a total value of $786,600.00. Following the sale, the chief operating officer directly owned 249,401 shares of the company's stock, valued at $6,539,294.22. This represents a 10.74% decrease in their position. The disclosure for this sale can be found here. 1.05% of the stock is currently owned by corporate insiders.

About MGIC Investment

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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