Evolve Private Wealth LLC Makes New $2.93 Million Investment in MGIC Investment Corporation $MTG

Evolve Private Wealth LLC bought a new position in shares of MGIC Investment Corporation (NYSE:MTG) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 103,818 shares of the insurance provider’s stock, valued at approximately $2,928,000. Evolve Private Wealth LLC owned 0.05% of MGIC Investment as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of MTG. SBI Securities Co. Ltd. lifted its stake in shares of MGIC Investment by 40.3% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 420 shares during the period. Compound Planning Inc. boosted its holdings in MGIC Investment by 4.3% during the first quarter. Compound Planning Inc. now owns 10,392 shares of the insurance provider’s stock worth $273,000 after buying an additional 433 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in MGIC Investment by 1.1% during the first quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock valued at $1,181,000 after buying an additional 481 shares during the period. Lido Advisors LLC grew its position in MGIC Investment by 2.2% during the fourth quarter. Lido Advisors LLC now owns 23,799 shares of the insurance provider’s stock valued at $689,000 after buying an additional 522 shares during the period. Finally, Victory Financial Group LLC increased its holdings in MGIC Investment by 1.9% in the third quarter. Victory Financial Group LLC now owns 27,994 shares of the insurance provider’s stock valued at $794,000 after buying an additional 535 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

MTG has been the subject of several recent analyst reports. Royal Bank Of Canada boosted their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a report on Friday, July 31st. Keefe, Bruyette & Woods increased their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, July 31st. Barclays dropped their target price on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Weiss Ratings raised shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday. Finally, Roth Capital restated a “buy” rating and set a $35.00 price target on shares of MGIC Investment in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.60.

Insider Activity at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction of $761,400.00. Following the sale, the chief operating officer owned 560,951 shares in the company, valued at $14,236,936.38. This represents a 5.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.55, for a total value of $534,940.35. Following the sale, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. This trade represents a 10.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 70,937 shares of company stock valued at $1,902,340. Insiders own 1.34% of the company’s stock.

MGIC Investment Stock Performance

MGIC Investment stock opened at $30.85 on Friday. The firm has a 50 day simple moving average of $29.00 and a 200-day simple moving average of $27.40. The stock has a market cap of $6.33 billion, a price-to-earnings ratio of 9.64, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. MGIC Investment Corporation has a 1-year low of $24.69 and a 1-year high of $31.89.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.11. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The company had revenue of $295.39 million during the quarter, compared to analysts’ expectations of $297.54 million. During the same quarter last year, the firm earned $0.82 earnings per share. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. On average, analysts expect that MGIC Investment Corporation will post 3.24 EPS for the current year.

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th were paid a $0.17 dividend. The ex-dividend date of this dividend was Wednesday, August 5th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 2.2%. MGIC Investment’s payout ratio is 21.25%.

About MGIC Investment

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.