Wealth Enhancement Advisory Services LLC Purchases 62,963 Shares of MGIC Investment Corporation $MTG

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in MGIC Investment Corporation by 4.2% to own 1,561,266 shares, worth approximately $44.5 million as of its latest SEC filing.
• MGIC Investment recently increased its quarterly dividend to $0.15 per share, marking a rise from the previous $0.13 and reflecting a 2.1% dividend yield.
• Wall Street analysts have set price targets for MGIC Investment, with Barclays raising its target to $27.00, while the stock currently holds an average rating of "Reduce" with a consensus price target of $26.67.

Wealth Enhancement Advisory Services LLC grew its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 4.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 1,561,266 shares of the insurance provider's stock after acquiring an additional 62,963 shares during the quarter. Wealth Enhancement Advisory Services LLC owned about 0.66% of MGIC Investment worth $44,527,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of MTG. Millennium Management LLC raised its position in shares of MGIC Investment by 913.6% during the first quarter. Millennium Management LLC now owns 2,300,596 shares of the insurance provider's stock worth $57,009,000 after purchasing an additional 2,073,633 shares during the period. Jane Street Group LLC raised its position in shares of MGIC Investment by 5,891.9% during the first quarter. Jane Street Group LLC now owns 1,373,050 shares of the insurance provider's stock worth $34,024,000 after purchasing an additional 1,350,135 shares during the period. JPMorgan Chase & Co. raised its position in shares of MGIC Investment by 4.8% during the first 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. Citigroup Inc. raised its position in shares of 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 purchasing an additional 651,549 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of 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 purchasing an additional 605,342 shares during the period. Institutional investors own 95.58% of the company's stock.

Insider Activity

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

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Compass Point reissued a "neutral" rating and set a $28.00 price target (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Barclays upped their price target on MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods increased their target price on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research note on Monday, July 7th. Five analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average target price of $26.67.

MGIC Investment Price Performance

Shares of MTG traded down $0.19 during mid-day trading on Friday, reaching $28.31. The company had a trading volume of 10,318,018 shares, compared to its average volume of 1,585,135. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $29.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. The company's 50-day moving average is $27.12 and its 200-day moving average is $26.00. The company has a market capitalization of $6.53 billion, a P/E ratio of 9.28, a P/E/G ratio of 2.06 and a beta of 0.89.

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

MGIC Investment Increases Dividend

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

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.