NewEdge Wealth LLC Purchases 268,753 Shares of MGIC Investment Corporation $MTG

NewEdge Wealth LLC raised its position in MGIC Investment Corporation (NYSE:MTG) by 12.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,452,355 shares of the insurance provider’s stock after purchasing an additional 268,753 shares during the quarter. MGIC Investment accounts for approximately 0.8% of NewEdge Wealth LLC’s holdings, making the stock its 28th largest holding. NewEdge Wealth LLC owned 1.16% of MGIC Investment worth $64,374,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC boosted its position in shares of MGIC Investment by 31.3% during the fourth quarter. AQR Capital Management LLC now owns 11,616,282 shares of the insurance provider’s stock worth $339,428,000 after buying an additional 2,771,533 shares during the period. Geode Capital Management LLC raised its position in MGIC Investment by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock valued at $163,368,000 after buying an additional 146,589 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in MGIC Investment by 1.0% in the 4th quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider’s stock valued at $146,397,000 after acquiring an additional 48,064 shares in the last quarter. First Trust Advisors LP lifted its stake in MGIC Investment by 1.7% in the 4th quarter. First Trust Advisors LP now owns 4,609,318 shares of the insurance provider’s stock valued at $134,684,000 after acquiring an additional 76,306 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in MGIC Investment by 10.7% in the 3rd quarter. Northern Trust Corp now owns 4,561,398 shares of the insurance provider’s stock valued at $129,407,000 after acquiring an additional 441,809 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MTG. Royal Bank Of Canada assumed coverage on shares of MGIC Investment in a research note on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price target for the company. Weiss Ratings raised shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, April 10th. Finally, Barclays reduced their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $28.25.

MGIC Investment Stock Performance

NYSE MTG opened at $29.05 on Thursday. The firm has a 50-day moving average of $26.87 and a 200-day moving average of $26.90. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.14 and a current ratio of 1.14. The stock has a market cap of $6.14 billion, a PE ratio of 9.22, a P/E/G ratio of 2.01 and a beta of 0.67. MGIC Investment Corporation has a 52-week low of $24.69 and a 52-week high of $29.97.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The business had revenue of $297.08 million for the quarter, compared to analyst estimates of $303.12 million. During the same quarter in the prior year, the business earned $0.75 EPS. MGIC Investment’s quarterly revenue was down 3.0% on a year-over-year basis. On average, sell-side analysts anticipate that MGIC Investment Corporation will post 3.05 EPS for the current year.

MGIC Investment declared that its Board of Directors has initiated a stock buyback program on Thursday, April 23rd that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the insurance provider to repurchase up to 12.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction on Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction 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 approximately $14,236,936.38. This trade represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 MGIC Investment stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction 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 $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. 1.34% of the stock is currently owned by company insiders.

MGIC Investment Company Profile

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.