Ieq Capital LLC Purchases New Shares in MGIC Investment Corporation $MTG

Ieq Capital LLC purchased a new position in shares of MGIC Investment Corporation (NYSE:MTG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 226,592 shares of the insurance provider’s stock, valued at approximately $6,390,000. Ieq Capital LLC owned 0.11% of MGIC Investment at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Callan Family Office LLC acquired a new position in MGIC Investment in the second quarter valued at $685,000. Heartland Advisors Inc. acquired a new stake in shares of MGIC Investment during the second quarter worth about $12,690,000. Allworth Financial LP purchased a new position in shares of MGIC Investment during the second quarter worth about $183,000. Vise Technologies Inc. purchased a new position in shares of MGIC Investment during the second quarter worth about $1,939,000. Finally, Westport Asset Management Inc. acquired a new position in MGIC Investment in the 2nd quarter valued at about $12,380,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Activity

In other 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 value of $761,400.00. Following the completion of the sale, the chief operating officer owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.55, for a total value of $534,940.35. Following the completion of the sale, the executive vice president owned 169,620 shares of the company’s stock, valued at approximately $4,333,791. This trade represents a 10.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 70,937 shares of company stock worth $1,902,340 over the last three months. 1.34% of the stock is currently owned by corporate insiders.

MGIC Investment Price Performance

MTG opened at $30.85 on Monday. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 52-week low of $24.69 and a 52-week high of $31.89. The company has a 50 day moving average of $29.00 and a two-hundred day moving average of $27.40. The company has a market cap of $6.33 billion, a P/E ratio of 9.64, a P/E/G ratio of 0.79 and a beta of 0.66.

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

MGIC Investment Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Wednesday, August 5th were issued a $0.17 dividend. The ex-dividend date was Wednesday, August 5th. This represents a $0.68 annualized dividend and a yield of 2.2%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s payout ratio is currently 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.