Sivia Capital Partners LLC Takes Position in MGIC Investment Corporation $MTG

Key Points

• Sivia Capital Partners LLC acquired 15,275 shares of MGIC Investment Corporation during the 2nd quarter, valued at approximately $425,000.
• MGIC Investment increased its quarterly dividend to $0.15, marking a positive change from the previous dividend of $0.13
• The company's stock price opened at $27.99, with a 52-week range between $21.94 and $28.98 and a current market capitalization of $6.45 billion.

Sivia Capital Partners LLC purchased a new stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 15,275 shares of the insurance provider's stock, valued at approximately $425,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Millennium Management LLC raised its position in MGIC Investment by 913.6% in the 1st quarter. Millennium Management LLC now owns 2,300,596 shares of the insurance provider's stock valued at $57,009,000 after purchasing an additional 2,073,633 shares during the last quarter. Jane Street Group LLC increased its stake in shares of MGIC Investment by 5,891.9% in the 1st quarter. Jane Street Group LLC now owns 1,373,050 shares of the insurance provider's stock valued at $34,024,000 after buying an additional 1,350,135 shares during the period. JPMorgan Chase & Co. increased its holdings in MGIC Investment by 4.8% in the first 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 during the last quarter. Citigroup Inc. boosted its holdings in MGIC Investment by 259.1% during the first quarter. Citigroup Inc. now owns 902,982 shares of the insurance provider's stock worth $22,376,000 after buying an additional 651,549 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in MGIC Investment by 22.5% during the first quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider's stock worth $80,481,000 after buying an additional 605,342 shares during the last quarter. Institutional investors own 95.58% of the company's stock.

MGIC Investment Stock Performance

NYSE:MTG traded down $0.19 during trading hours on Friday, reaching $28.31. The stock had a trading volume of 10,318,018 shares, compared to its average volume of 1,585,135. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46. The stock has a 50 day simple moving average of $27.12 and a 200 day simple moving average of $26.00. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.01. The stock has a market cap of $6.53 billion, a P/E ratio of 9.28, a price-to-earnings-growth ratio of 2.06 and a beta of 0.89.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.12. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The firm had revenue of $304.25 million during the quarter, compared to the consensus estimate of $306.25 million. During the same quarter last year, the company posted $0.77 EPS. The company's revenue for the quarter was down .3% on a year-over-year basis. On average, research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Thursday, August 7th. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's dividend payout ratio (DPR) is currently 19.67%.

Analysts Set New Price Targets

Several research firms recently issued reports on MTG. Barclays upped 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 increased their target price on 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, Compass Point reiterated a "neutral" rating and set a $28.00 target price (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Five research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $26.67.

Insider Activity at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of the company'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 sale, the chief operating officer owned 249,401 shares in the company, valued at $6,539,294.22. This represents a 10.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 sale, the chief executive officer directly owned 1,100,994 shares of the company's stock, valued at approximately $29,220,380.76. The trade was a 11.22% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.05% of the company's stock.

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.