Sciencast Management LP Invests $1.43 Million in MGIC Investment Corporation $MTG

Key Points

• Sciencast Management LP acquired a new stake in MGIC Investment Corporation by purchasing 57,525 shares valued at approximately $1.425 million in the first quarter of 2023.
• Recent insider trading includes the COO selling 30,000 shares and the CEO selling 139,203 shares, which reduces their positions by 10.74% and 11.22%, respectively.
• MGIC Investment declared a quarterly dividend of $0.15 per share, up from $0.13, representing a 2.1% yield and an annualized dividend of $0.60.

Sciencast Management LP bought a new stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 57,525 shares of the insurance provider's stock, valued at approximately $1,425,000.

A number of other hedge funds have also made changes to their positions in MTG. WPG Advisers LLC acquired a new stake in shares of MGIC Investment in the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. acquired a new stake in shares of MGIC Investment in the first quarter valued at approximately $33,000. Quarry LP acquired a new stake in shares of MGIC Investment in the first quarter valued at approximately $38,000. Golden State Wealth Management LLC increased its holdings in shares of MGIC Investment by 7,837.0% in the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock valued at $53,000 after purchasing an additional 2,116 shares during the last quarter. Finally, Headlands Technologies LLC increased its holdings in shares of MGIC Investment by 619.2% in the first quarter. Headlands Technologies LLC now owns 2,280 shares of the insurance provider's stock valued at $56,000 after purchasing an additional 1,963 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

Insiders Place Their Bets

In related news, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment 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 completion of the transaction, the chief executive officer directly owned 1,100,994 shares in the company, valued at approximately $29,220,380.76. This trade represents a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment 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 transaction, the chief operating officer owned 249,401 shares of the company's stock, valued at approximately $6,539,294.22. This trade represents a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.05% of the company's stock.

MGIC Investment Trading Down 1.7%

MGIC Investment stock traded down $0.48 during mid-day trading on Friday, hitting $28.44. The company's stock had a trading volume of 1,538,179 shares, compared to its average volume of 1,384,083. The firm has a market capitalization of $6.56 billion, a PE ratio of 9.32, a price-to-earnings-growth ratio of 2.06 and a beta of 0.89. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $28.98. 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 stock's fifty day moving average is $26.95 and its two-hundred day moving average is $25.88.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.70 by $0.12. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The business had revenue of $304.25 million during the quarter, compared to analyst estimates of $306.25 million. During the same period last year, the business posted $0.77 earnings per share. The company's quarterly revenue was down .3% on a year-over-year basis. On average, analysts anticipate that MGIC Investment Corporation will post 2.71 EPS 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. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. This is a boost from MGIC Investment's previous quarterly dividend of $0.13. The ex-dividend date was Thursday, August 7th. MGIC Investment's dividend payout ratio (DPR) is 19.67%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Barclays increased their price target on MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods increased their price target 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, Compass Point reiterated a "neutral" rating and issued a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, MGIC Investment presently has an average rating of "Reduce" and a consensus price target of $26.67.

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.