Ridgeline Wealth Planning LLC Takes Position in MGIC Investment Corporation $MTG

Key Points

• Ridgeline Wealth Planning LLC acquired 83,789 shares of MGIC Investment Corporation, totaling approximately $2.33 million, making it the firm's 10th largest holding.
• CEO Timothy J. Mattke sold over 139,000 shares of MGIC Investment at an average price of $27.09, reducing his ownership by 12.64%.
• MGIC Investment recently increased its quarterly dividend to $0.15 per share, reflecting an annual yield of 2.2%, up from the previous $0.13 per share.

Ridgeline Wealth Planning LLC acquired a new stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 83,789 shares of the insurance provider's stock, valued at approximately $2,333,000. MGIC Investment comprises about 1.9% of Ridgeline Wealth Planning LLC's portfolio, making the stock its 10th largest holding.

Other institutional investors and hedge funds also recently modified their holdings of the company. WPG Advisers LLC acquired a new stake in shares of MGIC Investment during the 1st quarter valued at $26,000. Cullen Frost Bankers Inc. purchased a new stake in shares of MGIC Investment in the first quarter valued at $33,000. Quarry LP purchased a new stake in shares of MGIC Investment in the first quarter valued at $38,000. Geneos Wealth Management Inc. lifted its holdings in shares of MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider's stock valued at $43,000 after purchasing an additional 817 shares in the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new stake in shares of MGIC Investment in the second quarter valued at $49,000. Institutional investors and hedge funds own 95.58% of the company's stock.

Insider Buying and Selling at MGIC Investment

In related news, CEO Timothy J. Mattke sold 139,203 shares of the business's stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $27.09, for a total value of $3,771,009.27. Following the sale, the chief executive officer directly owned 961,791 shares of the company's stock, valued at approximately $26,054,918.19. The trade was a 12.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the business's stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total transaction of $844,500.00. Following the sale, the chief operating officer directly owned 189,401 shares in the company, valued at $5,331,638.15. This trade represents a 13.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 338,406 shares of company stock worth $9,096,557 over the last ninety days. 1.05% of the stock is currently owned by insiders.

MGIC Investment Stock Down 0.4%

Shares of MTG opened at $26.88 on Friday. The stock has a market cap of $6.20 billion, a price-to-earnings ratio of 8.81, a P/E/G ratio of 1.95 and a beta of 0.88. The company has a 50-day moving average price of $27.79 and a two-hundred day moving average price of $26.44. 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 12 month low of $21.94 and a 12 month high of $29.01.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.12. The business had revenue of $304.25 million during the quarter, compared to analyst estimates of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. MGIC Investment's revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter last year, the business posted $0.77 earnings per share. Equities analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.60 annualized dividend and a yield of 2.2%. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's payout ratio is presently 19.67%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MTG. Weiss Ratings restated a "buy (a-)" rating on shares of MGIC Investment in a report on Wednesday. Keefe, Bruyette & Woods upped 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 note on Monday, July 7th. Finally, Barclays upped their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a "cautious" rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, MGIC Investment currently has an average rating of "Hold" and an average target price of $26.83.

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.

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