32,329 Shares in MGIC Investment Corporation $MTG Purchased by Voleon Capital Management LP

Key Points

• Voleon Capital Management LP acquired a new stake in MGIC Investment Corporation, purchasing 32,329 shares valued at approximately $801,000 during the first quarter.
• MGIC Investment recently increased its quarterly dividend to $0.15 per share, up from $0.13, representing an annualized yield of 2.1% and a payout ratio of 19.67%.
• Numerous analysts have raised their target prices for MGIC Investment, with Barclays and Keefe, Bruyette & Woods lifting theirs to $27.00, while Compass Point set a target of $28.00.

Voleon Capital Management LP purchased a new position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 32,329 shares of the insurance provider's stock, valued at approximately $801,000.

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

Analyst Upgrades and Downgrades

Several research firms recently commented on MTG. Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a report on Monday, July 7th. Barclays lifted their target price on shares of 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, Compass Point reiterated a "neutral" rating and issued a $28.00 target price (up from $27.00) on shares of MGIC Investment in a research note 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. According to MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $26.67.

MGIC Investment Stock Performance

MGIC Investment stock traded down $0.24 on Monday, hitting $28.20. The company's stock had a trading volume of 322,270 shares, compared to its average volume of 2,102,386. The firm has a market cap of $6.50 billion, a P/E ratio of 9.24, a price-to-earnings-growth ratio of 2.06 and a beta of 0.89. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average price of $26.95 and a 200-day moving average price of $25.88. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $28.98.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly 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. The firm had revenue of $304.25 million for 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%. 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 firm posted $0.77 EPS. On average, equities analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Thursday, August 7th. This is a positive change from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's payout ratio is currently 19.67%.

Insider Activity

In other news, CEO Timothy J. Mattke sold 139,203 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $26.54, for a total value of $3,694,447.62. Following the sale, the chief executive officer owned 1,100,994 shares of the company's stock, valued at approximately $29,220,380.76. This represents a 11.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the company'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 completion of the sale, the chief operating officer directly owned 249,401 shares in the company, valued at approximately $6,539,294.22. The trade was a 10.74% decrease in their position. The disclosure for this sale can be found here. 1.05% of the stock is currently owned by corporate insiders.

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.