Quadrant Capital Group LLC Purchases 18,464 Shares of MGIC Investment Corporation $MTG

Quadrant Capital Group LLC lifted its holdings in MGIC Investment Corporation (NYSE:MTG) by 614.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,467 shares of the insurance provider’s stock after purchasing an additional 18,464 shares during the quarter. Quadrant Capital Group LLC’s holdings in MGIC Investment were worth $598,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MTG. JPMorgan Chase & Co. grew its stake in shares of MGIC Investment by 13.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 18,331,120 shares of the insurance provider’s stock worth $510,338,000 after buying an additional 2,168,940 shares in the last quarter. Allianz Asset Management GmbH raised its position in shares of MGIC Investment by 40.6% during the 2nd quarter. Allianz Asset Management GmbH now owns 5,398,356 shares of the insurance provider’s stock valued at $150,290,000 after buying an additional 1,557,970 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of MGIC Investment by 22.5% in the 1st quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider’s stock valued at $80,481,000 after acquiring an additional 605,342 shares during the last quarter. Goldman Sachs Group Inc. grew its position in MGIC Investment by 6.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock worth $76,901,000 after acquiring an additional 195,895 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in MGIC Investment by 0.8% during the second quarter. American Century Companies Inc. now owns 3,039,553 shares of the insurance provider’s stock worth $84,621,000 after acquiring an additional 25,371 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insiders Place Their Bets

In other news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total transaction of $844,500.00. Following the transaction, the chief operating officer directly owned 189,401 shares of the company’s stock, valued at approximately $5,331,638.15. This trade represents a 13.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $27.44, for a total transaction of $548,800.00. Following the sale, the executive vice president directly owned 117,395 shares of the company’s stock, valued at $3,221,318.80. This represents a 14.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 219,203 shares of company stock worth $5,989,909 in the last three months. Corporate insiders own 1.41% of the company’s stock.

MGIC Investment Price Performance

Shares of MTG stock opened at $28.34 on Wednesday. The stock has a 50 day moving average price of $27.73 and a 200 day moving average price of $27.27. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week high of $29.01. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46. The firm has a market capitalization of $6.34 billion, a P/E ratio of 9.11, a P/E/G ratio of 1.91 and a beta of 0.85.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. The business had revenue of $304.51 million for the quarter, compared to analyst estimates of $308.16 million. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.The business’s revenue was down .7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.77 earnings per share. As a group, sell-side analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Thursday, November 6th. MGIC Investment’s payout ratio is 19.29%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Barclays raised their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research note on Monday, October 6th. Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $26.80.

MGIC Investment 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.