MGIC Investment Corporation $MTG Shares Bought by Versor Investments LP

Key Points

• Versor Investments LP increased its stake in MGIC Investment Corporation by 158.3%, now owning 81,100 shares valued at approximately $2.01 million.
• CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment, resulting in an 11.22% decrease in his holdings, which now total approximately $29.22 million.
• MGIC Investment has announced a buyback program allowing repurchase of up to $750 million in shares and has increased its quarterly dividend from $0.13 to $0.15 per share.

Versor Investments LP grew its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 158.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 81,100 shares of the insurance provider's stock after purchasing an additional 49,700 shares during the period. Versor Investments LP's holdings in MGIC Investment were worth $2,010,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of MTG. First Trust Advisors LP lifted its stake in MGIC Investment by 22.4% during the 4th quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider's stock worth $379,561,000 after acquiring an additional 2,928,595 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in MGIC Investment by 292.0% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,072,629 shares of the insurance provider's stock worth $49,142,000 after purchasing an additional 1,543,908 shares during the period. BNP Paribas Financial Markets increased its holdings in MGIC Investment by 259.4% during the 4th quarter. BNP Paribas Financial Markets now owns 1,105,399 shares of the insurance provider's stock worth $26,209,000 after purchasing an additional 797,852 shares during the period. JPMorgan Chase & Co. increased its holdings in MGIC Investment by 4.8% during the 1st quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider's stock worth $400,499,000 after purchasing an additional 743,212 shares during the period. Finally, Citigroup Inc. increased its holdings in MGIC Investment by 259.1% during the 1st quarter. Citigroup Inc. now owns 902,982 shares of the insurance provider's stock worth $22,376,000 after purchasing an additional 651,549 shares during the period. Institutional investors and hedge funds own 95.58% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on MTG. Barclays upped their price target on MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Compass Point reissued a "neutral" rating and issued a $28.00 target price (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Finally, Keefe, Bruyette & Woods boosted their target price 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 research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $26.67.

Insider Activity at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $26.22, for a total transaction of $786,600.00. Following the transaction, the chief operating officer owned 249,401 shares in the company, valued at $6,539,294.22. The trade was a 10.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer owned 1,100,994 shares in the company, valued at approximately $29,220,380.76. This represents a 11.22% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 189,203 shares of company stock worth $5,010,848. 1.05% of the stock is owned by insiders.

MGIC Investment Trading Up 2.1%

Shares of NYSE:MTG traded up $0.5870 during midday trading on Friday, reaching $28.1270. The company's stock had a trading volume of 602,307 shares, compared to its average volume of 2,166,461. The firm has a market cap of $6.48 billion, a price-to-earnings ratio of 9.22, a price-to-earnings-growth ratio of 1.99 and a beta of 0.90. 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 1 year low of $21.94 and a 1 year high of $28.67. The business has a 50 day moving average price of $26.76 and a 200 day moving average price of $25.48.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $0.82 EPS 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 the consensus estimate of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The business's revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 earnings per share. Research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

The company 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. The ex-dividend date was Thursday, August 7th. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. MGIC Investment's payout ratio is 19.67%.

MGIC Investment declared that its Board of Directors has approved a share buyback program on Thursday, April 24th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to buy up to 12.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

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.