Aaron Wealth Advisors LLC Has $454,000 Holdings in MGIC Investment Corporation $MTG

Aaron Wealth Advisors LLC cut its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 61.4% during the 1st quarter, Holdings Channel reports. The firm owned 17,279 shares of the insurance provider’s stock after selling 27,447 shares during the period. Aaron Wealth Advisors LLC’s holdings in MGIC Investment were worth $454,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Newbridge Financial Services Group Inc. bought a new position in shares of MGIC Investment in the third quarter worth $28,000. V Square Quantitative Management LLC acquired a new stake in shares of MGIC Investment in the 4th quarter valued at $36,000. SBI Securities Co. Ltd. boosted its holdings in shares of MGIC Investment by 40.3% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 420 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of MGIC Investment by 88.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 817 shares during the last quarter. Finally, Clearstead Advisors LLC increased its stake in shares of MGIC Investment by 24.7% in the 3rd quarter. Clearstead Advisors LLC now owns 2,209 shares of the insurance provider’s stock valued at $63,000 after purchasing an additional 438 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Up 0.1%

NYSE:MTG opened at $27.88 on Monday. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $29.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14. The company has a market cap of $5.90 billion, a PE ratio of 8.85, a P/E/G ratio of 1.92 and a beta of 0.68. The firm’s 50 day simple moving average is $26.50 and its 200 day simple moving average is $27.00.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.03. The firm had revenue of $297.08 million during the quarter, compared to analysts’ expectations of $303.12 million. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The company’s revenue was down 3.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.75 EPS. On average, research analysts anticipate that MGIC Investment Corporation will post 3.05 earnings per share for the current year.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were 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 was Wednesday, May 6th. MGIC Investment’s dividend payout ratio is presently 19.05%.

MGIC Investment declared that its board has approved a share buyback program on Thursday, April 23rd that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MTG shares. Barclays dropped their price objective on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of MGIC Investment in a research report on Monday, June 15th. Keefe, Bruyette & Woods boosted their target price on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, April 10th. UBS Group dropped their target price on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a report on Thursday, March 12th. Finally, Royal Bank Of Canada initiated coverage on shares of MGIC Investment in a research note on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 price target on the stock. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $28.25.

Insider Activity at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction of $761,400.00. Following the completion of the transaction, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This trade represents a 5.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 139,202 shares of MGIC Investment stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.49, for a total value of $3,687,460.98. Following the transaction, the chief executive officer directly owned 1,118,005 shares in the company, valued at $29,615,952.45. The trade was a 11.07% 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. Insiders sold 201,070 shares of company stock worth $5,270,740 over the last three months. Company insiders own 1.34% of the company’s stock.

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.