Redwood Investment Management LLC Has $5.09 Million Position in MGIC Investment Corporation $MTG

Key Points

• Redwood Investment Management LLC has reduced its holdings in MGIC Investment by 10.0%, now owning 205,281 shares valued at approximately $5.09 million.
• Several institutional investors have significantly increased their investments in MGIC Investment, with some such as Golden State Wealth Management raising their stake by 7,837.0%.
• MGIC Investment recently announced an increase in its quarterly dividend from $0.13 to $0.15, representing a 2.1% yield with a payout ratio of 19.67%.

Redwood Investment Management LLC cut its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 10.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 205,281 shares of the insurance provider's stock after selling 22,904 shares during the quarter. MGIC Investment makes up 0.6% of Redwood Investment Management LLC's portfolio, making the stock its 27th largest position. Redwood Investment Management LLC owned 0.09% of MGIC Investment worth $5,087,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTG. JPMorgan Chase & Co. boosted its holdings in MGIC Investment by 4.8% during the first quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider's stock worth $400,499,000 after buying an additional 743,212 shares during the last quarter. LSV Asset Management boosted its holdings in MGIC Investment by 2.9% during the first quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider's stock worth $269,815,000 after buying an additional 310,095 shares during the last quarter. Northern Trust Corp boosted its holdings in MGIC Investment by 6.5% during the fourth quarter. Northern Trust Corp now owns 4,524,277 shares of the insurance provider's stock worth $107,271,000 after buying an additional 277,746 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in 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 during the last quarter. Finally, NewEdge Wealth LLC boosted its holdings in MGIC Investment by 4.0% during the first quarter. NewEdge Wealth LLC now owns 1,911,085 shares of the insurance provider's stock worth $47,357,000 after buying an additional 73,264 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insider Activity at MGIC Investment

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,203 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Salvatore A. Miosi sold 30,000 shares of the business's stock in a transaction that occurred 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 transaction, the chief operating officer directly 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. Insiders own 1.05% of the company's stock.

MGIC Investment Stock Up 0.5%

Shares of NYSE:MTG traded up $0.13 during trading on Friday, hitting $27.81. 1,578,097 shares of the company's stock traded hands, compared to its average volume of 1,832,332. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $28.67. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. The company has a market cap of $6.41 billion, a price-to-earnings ratio of 9.12, a price-to-earnings-growth ratio of 2.01 and a beta of 0.90. The company has a 50-day moving average price of $26.89 and a 200-day moving average price of $25.60.

MGIC Investment (NYSE:MTG - Get Free Report) last released its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.70 by $0.12. The firm had revenue of $304.25 million for the quarter, compared to analysts' expectations of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The business'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 EPS. As a group, research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal 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 paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.2%. The ex-dividend date was Thursday, August 7th. This is a positive change from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's dividend payout ratio (DPR) is presently 19.67%.

MGIC Investment 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.