Perbak Capital Partners LLP Invests $354,000 in MGIC Investment Corporation $MTG

Key Points

• Perbak Capital Partners LLP has made a new investment in MGIC Investment Corporation, acquiring 14,304 shares valued at approximately $354,000 in the first quarter.
• Several hedge funds have recently increased their positions in MGIC Investment, with institutional investors owning 95.58% of the stock.
• MGIC Investment announced a quarterly dividend increase from $0.13 to $0.15, reflecting a yield of 2.2% and a payout ratio of 19.67%.

Perbak Capital Partners LLP purchased a new stake in MGIC Investment Corporation (NYSE:MTG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 14,304 shares of the insurance provider's stock, valued at approximately $354,000.

Several other hedge funds have also made changes to their positions in MTG. EP Wealth Advisors LLC raised its holdings in shares of MGIC Investment by 0.9% in the 1st quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider's stock valued at $1,127,000 after purchasing an additional 398 shares in the last quarter. Brooklyn Investment Group grew its position in shares of MGIC Investment by 15.5% in the 1st quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider's stock valued at $77,000 after buying an additional 416 shares during the last quarter. Signaturefd LLC grew its position in shares of MGIC Investment by 1.9% in the 1st quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider's stock valued at $548,000 after buying an additional 421 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of MGIC Investment by 4.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider's stock valued at $270,000 after buying an additional 437 shares during the last quarter. Finally, Fifth Third Bancorp grew its position in shares of MGIC Investment by 20.1% in the 1st quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock valued at $68,000 after buying an additional 461 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company's stock.

Insider Buying and Selling

In related news, CEO Timothy J. Mattke sold 139,203 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $26.54, for a total value of $3,694,447.62. Following the completion of the sale, the chief executive officer directly owned 1,100,994 shares in the company, valued at approximately $29,220,380.76. The trade was a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $26.22, for a total transaction of $786,600.00. Following the completion of the sale, the chief operating officer owned 249,401 shares of the company's stock, 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. 1.05% of the stock is currently owned by insiders.

MGIC Investment Price Performance

Shares of NYSE MTG traded down $0.07 during midday trading on Friday, hitting $28.37. The company had a trading volume of 1,659,191 shares, compared to its average volume of 1,598,909. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $28.71. The business has a 50-day simple moving average of $26.93 and a two-hundred day simple moving average of $25.72. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 9.30, a price-to-earnings-growth ratio of 2.05 and a beta of 0.89.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.12. The company had revenue of $304.25 million during the quarter, compared to analysts' expectations of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The firm's quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.77 earnings per share. Equities research 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 announced a quarterly dividend, which was paid on Thursday, August 21st. Investors 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 dividend on an annualized basis and a yield of 2.1%. MGIC Investment's payout ratio is presently 19.67%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Keefe, Bruyette & Woods increased 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. Compass Point reissued a "neutral" rating and set a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Finally, Barclays raised their price objective 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. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, MGIC Investment presently has an average rating of "Reduce" and a consensus price target of $26.67.

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.