Alps Advisors Inc. Buys 264,968 Shares of MGIC Investment Corporation $MTG

Alps Advisors Inc. increased its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 60.6% in the third quarter, HoldingsChannel reports. The firm owned 701,943 shares of the insurance provider’s stock after buying an additional 264,968 shares during the period. Alps Advisors Inc.’s holdings in MGIC Investment were worth $19,914,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in MGIC Investment in the first quarter worth about $2,397,000. Goldman Sachs Group Inc. raised its stake in shares of MGIC Investment by 6.7% during the 1st 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. Geneos Wealth Management Inc. lifted its position in MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 817 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in MGIC Investment in the second quarter valued at approximately $425,000. Finally, KLP Kapitalforvaltning AS grew its holdings in MGIC Investment by 2.2% in the second quarter. KLP Kapitalforvaltning AS now owns 79,800 shares of the insurance provider’s stock worth $2,222,000 after purchasing an additional 1,700 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Keefe, Bruyette & Woods increased their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a report on Thursday, December 18th. Barclays reduced their target price on MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 4th. Finally, Weiss Ratings downgraded MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, MGIC Investment has a consensus rating of “Hold” and an average price target of $27.50.

MGIC Investment Price Performance

Shares of MTG opened at $27.33 on Monday. The firm has a market capitalization of $6.11 billion, a PE ratio of 8.70, a price-to-earnings-growth ratio of 2.17 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.78 and a quick ratio of 1.48. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.97. The company’s fifty day moving average price is $28.09 and its 200-day moving average price is $27.77.

MGIC Investment (NYSE:MTG) last issued its earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02. The company had revenue of $298.65 million during the quarter, compared to analyst estimates of $308.19 million. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.The firm’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter last year, the business posted $0.72 EPS. On average, equities research analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Tuesday, February 17th will be given a $0.15 dividend. The ex-dividend date is Tuesday, February 17th. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. MGIC Investment’s dividend payout ratio is currently 19.11%.

Insider Activity at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $27.27, for a total value of $818,100.00. Following the sale, the chief operating officer owned 454,245 shares in the company, valued at $12,387,261.15. This represents a 6.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the business’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the transaction, the chief executive officer owned 822,588 shares of the company’s stock, valued at $21,806,807.88. This represents a 14.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.41% of the stock is currently owned by corporate insiders.

MGIC Investment Profile

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.