MGIC Investment Corporation $MTG Shares Acquired by NewEdge Advisors LLC

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 increased its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 43.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 79,597 shares of the insurance provider's stock after purchasing an additional 23,941 shares during the period. NewEdge Advisors LLC's holdings in MGIC Investment were worth $1,972,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. EP Wealth Advisors LLC grew its holdings in shares of MGIC Investment by 0.9% during the first quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider's stock valued at $1,127,000 after buying an additional 398 shares during the last quarter. Brooklyn Investment Group grew its stake in shares of MGIC Investment by 15.5% during the 1st quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider's stock worth $77,000 after acquiring an additional 416 shares during the period. Signaturefd LLC boosted its holdings in MGIC Investment by 1.9% in the 1st quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider's stock worth $548,000 after buying an additional 421 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of MGIC Investment by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider's stock worth $270,000 after acquiring an additional 437 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after buying an additional 461 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MTG has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised 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 note on Monday, July 7th. Barclays upped their target price 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, Compass Point restated 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 investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $26.67.

Insider Buying and Selling at MGIC Investment

In related news, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the sale, the chief executive officer directly owned 1,100,994 shares in the company, valued at $29,220,380.76. This trade represents a 11.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $786,600.00. Following the sale, the chief operating officer owned 249,401 shares in the company, valued at $6,539,294.22. This trade represents a 10.74% decrease in their position. The disclosure for this sale can be found here. 1.41% of the stock is currently owned by company insiders.

MGIC Investment Price Performance

MTG traded up $0.20 on Wednesday, hitting $28.08. 306,528 shares of the company's stock were exchanged, compared to its average volume of 2,098,087. The firm has a 50-day moving average price of $26.98 and a 200-day moving average price of $25.92. The stock has a market cap of $6.47 billion, a price-to-earnings ratio of 9.21, a P/E/G ratio of 2.02 and a beta of 0.89. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $28.98.

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

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were paid a $0.15 dividend. The ex-dividend date was Thursday, August 7th. This is an increase 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 19.67%.

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.