Pallas Capital Advisors LLC Acquires Shares of 30,369 MGIC Investment Corporation $MTG

Key Points

• Pallas Capital Advisors LLC acquired a new stake in MGIC Investment Corporation, purchasing 30,369 shares valued at approximately $845,000 in the second quarter.
• MGIC Investment has seen a series of upgrades from analysts, with Barclays raising its price target from $26.00 to $27.00, reflecting a growing interest in the stock.
• The company recently increased its quarterly dividend to $0.15 per share, representing a 2.1% yield, up from the previous $0.13 dividend.

Pallas Capital Advisors LLC acquired a new stake in MGIC Investment Corporation (NYSE:MTG - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 30,369 shares of the insurance provider's stock, valued at approximately $845,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in shares of MGIC Investment by 4.8% in the 1st quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider's stock valued at $400,499,000 after purchasing an additional 743,212 shares in the last quarter. LSV Asset Management lifted its position in MGIC Investment by 2.9% during the 1st quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider's stock worth $269,815,000 after acquiring an additional 310,095 shares in the last quarter. AQR Capital Management LLC lifted its position in MGIC Investment by 22.5% during the 1st quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider's stock worth $80,481,000 after acquiring an additional 605,342 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of MGIC Investment by 6.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider's stock valued at $76,901,000 after purchasing an additional 195,895 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its position in shares of MGIC Investment by 25.3% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,597,602 shares of the insurance provider's stock worth $64,369,000 after buying an additional 524,973 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Stock Performance

Shares of MTG stock traded down $0.08 during trading on Monday, reaching $28.26. The company had a trading volume of 1,193,620 shares, compared to its average volume of 2,162,293. The firm's 50 day simple moving average is $27.12 and its two-hundred day simple moving average is $26.03. 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 one year low of $21.94 and a one year high of $29.01. The company has a market capitalization of $6.51 billion, a PE ratio of 9.26, a PEG ratio of 2.05 and a beta of 0.89.

MGIC Investment (NYSE:MTG - Get Free Report) last released its earnings results 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. The firm had revenue of $304.25 million for the quarter, compared to analyst estimates of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The company's revenue was down .3% on a year-over-year basis. During the same quarter last year, the firm posted $0.77 EPS. Sell-side analysts forecast that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Thursday, August 7th. This is a boost from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's payout ratio is 19.67%.

Insider Activity at MGIC Investment

In related news, CEO Timothy J. Mattke sold 139,203 shares of the business's 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 of the company's stock, valued at $29,220,380.76. The trade was a 11.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $26.22, for a total value of $786,600.00. Following the completion of the sale, the chief operating officer directly owned 249,401 shares in the company, valued at approximately $6,539,294.22. This 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.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MTG shares. Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research report on Monday, July 7th. Barclays increased their price target on MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus 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.