MGIC Investment Corporation $MTG Shares Bought by Ritholtz Wealth Management

Ritholtz Wealth Management increased its stake in MGIC Investment Corporation (NYSE:MTG) by 20.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 139,630 shares of the insurance provider’s stock after buying an additional 23,377 shares during the quarter. Ritholtz Wealth Management’s holdings in MGIC Investment were worth $3,961,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. True Wealth Design LLC grew its position in MGIC Investment by 262.5% in the second quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 727 shares in the last quarter. Alpine Bank Wealth Management acquired a new stake in MGIC Investment during the 3rd quarter valued at $28,000. Hantz Financial Services Inc. grew its holdings in MGIC Investment by 3,067.6% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 1,043 shares in the last quarter. Employees Retirement System of Texas purchased a new stake in MGIC Investment during the 2nd quarter worth $32,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in MGIC Investment by 118.0% in the 2nd 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 in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Stock Performance

MTG stock opened at $26.40 on Friday. The stock’s 50 day simple moving average is $28.53 and its 200 day simple moving average is $27.72. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.97. The firm has a market cap of $5.91 billion, a P/E ratio of 8.49, a P/E/G ratio of 1.45 and a beta of 0.84. 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 (NYSE:MTG) last issued its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.11. The firm had revenue of $304.51 million for the quarter, compared to analyst estimates of $308.16 million. MGIC Investment had a return on equity of 14.62% and a net margin of 61.96%.The firm’s revenue for the quarter was down .7% on a year-over-year basis. During the same period last year, the company earned $0.77 earnings per share. As a group, equities research analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Thursday, November 6th. MGIC Investment’s payout ratio is currently 19.29%.

Analysts Set New Price Targets

MTG has been the subject of several recent analyst reports. Barclays raised their target price on MGIC Investment from $28.00 to $30.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 6th. Keefe, Bruyette & Woods upped their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a report on Thursday, December 18th. Finally, Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $28.00.

Insider Buying and Selling

In other news, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction dated 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 sale, the chief executive officer directly owned 822,588 shares in the company, valued at approximately $21,806,807.88. The trade was a 14.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $27.52, for a total value of $825,600.00. Following the completion of the sale, the chief operating officer owned 159,401 shares in the company, valued at approximately $4,386,715.52. This represents a 15.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 189,203 shares of company stock worth $5,064,672. Corporate insiders own 1.05% of the company’s stock.

MGIC Investment Company 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.