MGIC Investment Corporation $MTG Shares Bought by UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC

Key Points

• UBS Asset Management increased its stake in MGIC Investment Corporation by 2.7% during the first quarter, now holding about 0.52% of the company valued at $30.7 million.
• MGIC Investment recently announced a quarterly dividend increase from $0.13 to $0.15 per share, which represents a 2.1% yield.
• The company's earnings report showed $0.82 EPS for the quarter, exceeding analysts' estimates, though revenue was slightly below expectations, down 0.3% year-over-year.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,239,395 shares of the insurance provider's stock after purchasing an additional 32,904 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 0.52% of MGIC Investment worth $30,712,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MTG. EP Wealth Advisors LLC grew its position in shares of MGIC Investment by 0.9% during the 1st quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider's stock valued at $1,127,000 after acquiring an additional 398 shares during the period. Brooklyn Investment Group increased its holdings in MGIC Investment by 15.5% in the 1st quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider's stock worth $77,000 after acquiring an additional 416 shares during the last quarter. Signaturefd LLC increased its holdings in MGIC Investment by 1.9% in the 1st quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider's stock worth $548,000 after acquiring an additional 421 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in 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 worth $270,000 after acquiring an additional 437 shares during the last quarter. Finally, Fifth Third Bancorp boosted its position in MGIC Investment by 20.1% during the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after purchasing an additional 461 shares during the period. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Trading Down 0.7%

MTG traded down $0.19 during midday trading on Friday, reaching $28.31. 10,318,018 shares of the company's stock traded hands, compared to its average volume of 1,585,135. The firm has a fifty day moving average of $27.12 and a two-hundred day moving average of $26.00. The stock has a market capitalization of $6.53 billion, a price-to-earnings ratio of 9.28, a P/E/G ratio of 2.06 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.01.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $304.25 million for the quarter, compared to analysts' expectations of $306.25 million. During the same period in the previous year, the firm earned $0.77 earnings per share. The business's revenue was down .3% compared to the same quarter last year. On average, equities analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were given a dividend of $0.15 per share. This is a boost from MGIC Investment's previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Thursday, August 7th. MGIC Investment's dividend payout ratio is presently 19.67%.

Analyst Ratings Changes

MTG has been the subject of several recent research reports. Compass Point reiterated a "neutral" rating and issued a $28.00 price target (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Barclays lifted their price objective on MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods raised 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. Five analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $26.67.

Insider Buying and Selling at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer owned 1,100,994 shares in the company, valued at approximately $29,220,380.76. This trade represents a 11.22% decrease in their position. The disclosure for this sale can be found here. Company 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.