First Trust Advisors LP Increases Position in MGIC Investment Corporation $MTG

First Trust Advisors LP lifted its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 48.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,302,263 shares of the insurance provider’s stock after acquiring an additional 2,370,403 shares during the quarter. First Trust Advisors LP owned 3.17% of MGIC Investment worth $203,295,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of MTG. True Wealth Design LLC grew its stake in MGIC Investment by 262.5% in the 2nd quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 727 shares during the period. WPG Advisers LLC purchased a new position in shares of MGIC Investment in the 1st quarter worth about $26,000. Hantz Financial Services Inc. boosted its holdings in shares of MGIC Investment by 3,067.6% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock worth $30,000 after buying an additional 1,043 shares during the last quarter. Employees Retirement System of Texas bought a new position in MGIC Investment during the second quarter valued at about $32,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in MGIC Investment by 118.0% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,308 shares of the insurance provider’s stock worth $36,000 after buying an additional 708 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Stock Down 1.3%

MGIC Investment stock opened at $27.90 on Friday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.12. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.01. The firm has a market capitalization of $6.24 billion, a price-to-earnings ratio of 8.97, a P/E/G ratio of 1.58 and a beta of 0.85. The firm has a 50 day simple moving average of $27.72 and a 200 day simple moving average of $27.28.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.72 by $0.11. MGIC Investment had a return on equity of 14.62% and a net margin of 61.96%.The business had revenue of $304.51 million during 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 revenue was down .7% compared to the same quarter last year. On average, analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, November 6th were paid 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 2.2%. MGIC Investment’s dividend payout ratio (DPR) is currently 19.29%.

Insiders Place Their Bets

In other news, EVP Paula C. Maggio sold 20,000 shares of the business’s 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 owned 117,395 shares of the company’s stock, valued at approximately $3,221,318.80. The trade was a 14.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief operating officer owned 189,401 shares in the company, valued at approximately $5,331,638.15. This trade represents a 13.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 219,203 shares of company stock worth $5,989,909 in the last ninety days. 1.05% of the stock is currently owned by insiders.

Analyst Ratings Changes

MTG has been the topic of a number of research analyst reports. Barclays boosted their target price on shares of 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 reiterated a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, MGIC Investment currently has a consensus rating of “Hold” and a consensus price target of $26.80.

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.