Livforsakringsbolaget Skandia Omsesidigt Purchases New Stake in MGIC Investment Corporation $MTG

Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of MGIC Investment Corporation (NYSE:MTG) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 141,800 shares of the insurance provider’s stock, valued at approximately $3,997,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTG. Twin Lakes Capital Management LLC acquired a new position in shares of MGIC Investment in the second quarter valued at $683,000. North Star Asset Management Inc. acquired a new stake in shares of MGIC Investment during the 2nd quarter worth about $351,000. Empowered Funds LLC bought a new stake in shares of MGIC Investment during the 2nd quarter worth about $716,000. United Capital Financial Advisors LLC acquired a new position in MGIC Investment in the 2nd quarter valued at about $537,000. Finally, Jefferies Financial Group Inc. acquired a new position in MGIC Investment in the 2nd quarter valued at about $12,074,000. 95.58% of the stock is owned by institutional investors.

Insider Buying and Selling

In other MGIC Investment 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 value of $761,400.00. Following the sale, the chief operating officer owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This trade represents a 5.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $30.30, for a total value of $606,000.00. Following the completion of the transaction, the executive vice president owned 149,620 shares in the company, valued at approximately $4,533,486. This represents a 11.79% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.34% of the company’s stock.

MGIC Investment Stock Performance

NYSE:MTG opened at $31.08 on Friday. The company has a market cap of $6.38 billion, a price-to-earnings ratio of 9.71, a PEG ratio of 0.79 and a beta of 0.66. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $31.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19. The stock has a fifty day moving average price of $29.51 and a 200-day moving average price of $27.55.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.11. The company had revenue of $295.39 million for the quarter, compared to analysts’ expectations of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.MGIC Investment’s revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the business earned $0.82 earnings per share. As a group, equities analysts anticipate that MGIC Investment Corporation will post 3.24 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Wednesday, August 5th were given a dividend of $0.17 per share. The ex-dividend date was Wednesday, August 5th. This represents a $0.68 annualized dividend and a dividend yield of 2.2%. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s dividend payout ratio (DPR) is 21.25%.

Analysts Set New Price Targets

Several brokerages have issued reports on MTG. Keefe, Bruyette & Woods raised their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, July 31st. Zacks Research raised MGIC Investment from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Royal Bank Of Canada increased their target price on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. Roth Capital restated a “buy” rating and issued a $35.00 price target on shares of MGIC Investment in a research note on Thursday, July 30th. Finally, Barclays lowered their price objective on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.60.

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.