MGIC Investment Corporation $MTG Shares Purchased by Arbejdsmarkedets Tillaegspension

Arbejdsmarkedets Tillaegspension lifted its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 17.0% in the 1st quarter, Holdings Channel reports. The institutional investor owned 979,003 shares of the insurance provider’s stock after acquiring an additional 142,049 shares during the quarter. Arbejdsmarkedets Tillaegspension’s holdings in MGIC Investment were worth $25,699,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Citizens Financial Group Inc. RI acquired a new stake in shares of MGIC Investment during the first quarter worth about $266,000. Fifth Third Bancorp boosted its position in shares of MGIC Investment by 3,278.4% in the 1st quarter. Fifth Third Bancorp now owns 93,110 shares of the insurance provider’s stock valued at $2,444,000 after purchasing an additional 90,354 shares during the period. Hsbc Holdings PLC grew its stake in MGIC Investment by 98.5% during the 1st quarter. Hsbc Holdings PLC now owns 411,761 shares of the insurance provider’s stock worth $10,809,000 after buying an additional 204,349 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in MGIC Investment by 1.1% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock worth $1,181,000 after buying an additional 481 shares during the last quarter. Finally, QRG Capital Management Inc. increased its position in MGIC Investment by 7.1% during the first quarter. QRG Capital Management Inc. now owns 9,583 shares of the insurance provider’s stock worth $252,000 after buying an additional 639 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other MGIC Investment news, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.55, for a total value of $534,940.35. Following the transaction, the executive vice president directly owned 169,620 shares in the company, valued at approximately $4,333,791. This represents a 10.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction of $761,400.00. Following the sale, the chief operating officer directly owned 560,951 shares in the company, valued at $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.34% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on MTG shares. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, July 7th. Barclays dropped their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Keefe, Bruyette & Woods increased their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, April 10th. Finally, Royal Bank Of Canada initiated coverage on MGIC Investment in a research report on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 price target on the stock. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $28.25.

MGIC Investment Trading Down 0.1%

Shares of MTG stock opened at $28.11 on Monday. The business’s fifty day moving average price is $26.46 and its 200 day moving average price is $26.94. The firm has a market capitalization of $5.95 billion, a PE ratio of 8.93, a P/E/G ratio of 1.94 and a beta of 0.67. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14. MGIC Investment Corporation has a 1-year low of $24.69 and a 1-year high of $29.97.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The firm had revenue of $297.08 million during the quarter, compared to analysts’ expectations of $303.12 million. During the same quarter last year, the business earned $0.75 earnings per share. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. As a group, sell-side analysts forecast that MGIC Investment Corporation will post 3.05 EPS for the current fiscal year.

MGIC Investment announced that its Board of Directors has approved a share buyback plan on Thursday, April 23rd that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the insurance provider to buy up to 12.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Wednesday, May 6th. MGIC Investment’s payout ratio is 19.05%.

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.