AlphaQuest LLC Acquires 28,349 Shares of MGIC Investment Corporation $MTG

AlphaQuest LLC increased its holdings in MGIC Investment Corporation (NYSE:MTG) by 26.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 135,396 shares of the insurance provider’s stock after buying an additional 28,349 shares during the quarter. AlphaQuest LLC’s holdings in MGIC Investment were worth $3,841,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. NDVR Inc. raised its position in MGIC Investment by 3.6% in the second quarter. NDVR Inc. now owns 12,708 shares of the insurance provider’s stock worth $354,000 after acquiring an additional 445 shares during the period. Whittier Trust Co. of Nevada Inc. increased its stake in shares of MGIC Investment by 58.0% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,365 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 501 shares in the last quarter. Miracle Mile Advisors LLC increased its stake in shares of MGIC Investment by 4.1% in the 3rd quarter. Miracle Mile Advisors LLC now owns 14,139 shares of the insurance provider’s stock worth $401,000 after purchasing an additional 563 shares in the last quarter. Forum Financial Management LP raised its holdings in MGIC Investment by 4.2% in the 3rd quarter. Forum Financial Management LP now owns 14,035 shares of the insurance provider’s stock worth $398,000 after purchasing an additional 568 shares during the period. Finally, Impact Partnership Wealth LLC lifted its position in MGIC Investment by 6.5% during the second quarter. Impact Partnership Wealth LLC now owns 9,821 shares of the insurance provider’s stock valued at $273,000 after purchasing an additional 598 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Stock Up 2.1%

NYSE MTG opened at $26.99 on Friday. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $29.97. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.12. The stock has a market cap of $6.04 billion, a PE ratio of 8.68, a P/E/G ratio of 1.47 and a beta of 0.84. The stock’s 50 day moving average is $28.26 and its 200 day moving average is $27.67.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data 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 net margin of 61.96% and a return on equity of 14.62%. The firm had revenue of $304.51 million for the quarter, compared to analysts’ expectations of $308.16 million. During the same quarter last year, the business posted $0.77 earnings per share. The company’s revenue for the quarter was down .7% compared to the same quarter last year. 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 declared a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, February 17th. MGIC Investment’s payout ratio is currently 19.29%.

Analyst Ratings Changes

A number of analysts have commented on the company. Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods boosted their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Thursday, December 18th. Finally, Barclays raised their target price on shares of MGIC Investment from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $28.00.

Insider Buying and Selling at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $27.52, for a total value of $825,600.00. Following the sale, the chief operating officer directly owned 159,401 shares of the company’s stock, valued at approximately $4,386,715.52. The trade was a 15.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of the business’s stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total value of $3,690,271.53. Following the completion of the sale, the chief executive officer owned 822,588 shares in the company, valued at $21,806,807.88. This represents a 14.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.05% of the stock is owned by insiders.

About MGIC Investment

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.