Oarsman Capital Inc. Has $1.52 Million Stake in MGIC Investment Corporation $MTG

Key Points

• Oarsman Capital Inc. has reduced its stake in MGIC Investment Corporation by 29.5%, bringing its total holdings to 61,199 shares valued at approximately $1.5 million.
• MGIC Investment recently announced a dividend increase from $0.13 to $0.15 per share, resulting in an annualized dividend yield of 2.1%.
• Analyst ratings for MGIC Investment include a mix of "Hold" and "Sell" ratings, with an average price target set at $26.67.

Oarsman Capital Inc. decreased its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 29.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 61,199 shares of the insurance provider's stock after selling 25,563 shares during the quarter. Oarsman Capital Inc.'s holdings in MGIC Investment were worth $1,517,000 at the end of the most recent reporting period.

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

MGIC Investment Stock Up 0.5%

MGIC Investment stock traded up $0.13 during mid-day trading on Monday, hitting $27.81. The company's stock had a trading volume of 1,578,097 shares, compared to its average volume of 1,787,920. The firm's 50 day moving average is $26.89 and its 200 day moving average is $25.61. The company has a market cap of $6.41 billion, a PE ratio of 9.12, a price-to-earnings-growth 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 Corporation has a 52-week low of $21.94 and a 52-week high of $28.67.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the business earned $0.77 EPS. On average, analysts anticipate 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. Shareholders of record on Thursday, August 7th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Thursday, August 7th. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's payout ratio is currently 19.67%.

Insider Activity

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,203 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer directly owned 1,100,994 shares of the company's stock, valued at $29,220,380.76. This represents a 11.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the company's 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 completion of the transaction, the chief operating officer directly owned 249,401 shares in the company, valued at approximately $6,539,294.22. The trade was a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.41% of the company's stock.

Analyst Ratings Changes

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

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.