WBI Investments LLC Makes New Investment in MGIC Investment Corporation $MTG

WBI Investments LLC purchased a new position in shares of MGIC Investment Corporation (NYSE:MTG) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 31,559 shares of the insurance provider’s stock, valued at approximately $879,000.

A number of other hedge funds have also recently modified their holdings of MTG. JPMorgan Chase & Co. increased its stake in shares of MGIC Investment by 4.8% in the 1st quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider’s stock worth $400,499,000 after purchasing an additional 743,212 shares in the last quarter. LSV Asset Management grew its holdings in MGIC Investment by 2.9% during the first quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider’s stock valued at $269,815,000 after purchasing an additional 310,095 shares during the period. Allianz Asset Management GmbH increased its position in MGIC Investment by 40.6% in the second quarter. Allianz Asset Management GmbH now owns 5,398,356 shares of the insurance provider’s stock worth $150,290,000 after buying an additional 1,557,970 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of MGIC Investment by 22.5% in the first quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider’s stock worth $80,481,000 after buying an additional 605,342 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of 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 buying an additional 195,895 shares during the period. Institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

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

MGIC Investment Stock Performance

NYSE MTG opened at $27.83 on Wednesday. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $29.01. The business has a 50-day moving average price of $27.73 and a 200-day moving average price of $27.13. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of 8.95, a price-to-earnings-growth ratio of 1.91 and a beta of 0.92.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.11. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.The company had revenue of $304.51 million for the quarter, compared to the consensus estimate of $308.16 million. During the same quarter last year, the company earned $0.77 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis. As a group, equities research analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Thursday, November 6th. MGIC Investment’s payout ratio is 19.29%.

Insider Buying and Selling

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction on Friday, October 31st. The shares were sold at an average price of $27.44, for a total value of $548,800.00. Following the sale, the executive vice president directly owned 117,395 shares in the company, valued at approximately $3,221,318.80. The trade was a 14.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total transaction of $844,500.00. Following the completion of the sale, the chief operating officer owned 189,401 shares in the company, valued at approximately $5,331,638.15. The trade was a 13.67% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 219,203 shares of company stock worth $5,989,909. 1.05% of the stock is owned by insiders.

MGIC Investment Company 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.