Victory Financial Group LLC Takes Position in MGIC Investment Corporation $MTG

Victory Financial Group LLC acquired a new stake in shares of MGIC Investment Corporation (NYSE:MTG) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 27,459 shares of the insurance provider’s stock, valued at approximately $764,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Hendershot Investments Inc. acquired a new position in MGIC Investment in the second quarter worth $201,000. First Trust Advisors LP lifted its holdings in MGIC Investment by 48.1% in the second quarter. First Trust Advisors LP now owns 7,302,263 shares of the insurance provider’s stock worth $203,295,000 after purchasing an additional 2,370,403 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of MGIC Investment by 460.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 13,372 shares of the insurance provider’s stock worth $372,000 after acquiring an additional 10,984 shares during the period. PharVision Advisers LLC bought a new position in MGIC Investment during the 2nd quarter valued at $256,000. Finally, Edgestream Partners L.P. grew its holdings in MGIC Investment by 5.3% during the second quarter. Edgestream Partners L.P. now owns 230,494 shares of the insurance provider’s stock worth $6,417,000 after acquiring an additional 11,665 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Trading Up 0.3%

MTG stock opened at $28.00 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.48 and a quick ratio of 1.48. The stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of 9.00, a P/E/G ratio of 1.56 and a beta of 0.85. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $29.01. The business has a fifty day moving average price of $27.70 and a 200 day moving average price of $27.29.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.72 by $0.11. The company had revenue of $304.51 million during the quarter, compared to analysts’ expectations of $308.16 million. MGIC Investment had a net margin of 61.96% and a return on equity of 14.62%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.77 EPS. Analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, November 6th. This represents a $0.60 annualized dividend and a yield of 2.1%. MGIC Investment’s dividend payout ratio (DPR) is currently 19.29%.

Wall Street Analysts Forecast Growth

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

Insider Transactions at MGIC Investment

In other news, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total transaction of $3,771,009.27. Following the completion of the sale, the chief executive officer owned 961,791 shares of the company’s stock, valued at approximately $26,054,918.19. This trade represents a 12.64% 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. Also, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $27.44, for a total transaction of $548,800.00. Following the completion of the transaction, the executive vice president directly owned 117,395 shares of the company’s stock, valued at $3,221,318.80. This trade represents a 14.56% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 219,203 shares of company stock worth $5,989,909. 1.05% of the stock is owned by insiders.

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.