Evolve Private Wealth LLC Makes New Investment in MGIC Investment Corporation $MTG

Evolve Private Wealth LLC acquired a new position in shares of MGIC Investment Corporation (NYSE:MTG) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 113,707 shares of the insurance provider’s stock, valued at approximately $3,323,000.

Several other hedge funds also recently added to or reduced their stakes in MTG. Newbridge Financial Services Group Inc. acquired a new stake in shares of MGIC Investment in the third quarter valued at approximately $28,000. V Square Quantitative Management LLC purchased a new stake in shares of MGIC Investment in the fourth quarter valued at approximately $36,000. Geneos Wealth Management Inc. grew its stake in shares of MGIC Investment by 88.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 817 shares during the period. SBI Securities Co. Ltd. increased its holdings in MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after buying an additional 420 shares in the last quarter. Finally, Clearstead Advisors LLC raised its holdings in MGIC Investment by 24.7% during the third quarter. Clearstead Advisors LLC now owns 2,209 shares of the insurance provider’s stock worth $63,000 after purchasing an additional 438 shares during the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at MGIC Investment

In other 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 transaction of $534,940.35. Following the completion of the transaction, the executive vice president owned 169,620 shares of the company’s stock, valued at $4,333,791. This represents a 10.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 139,202 shares of the stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.49, for a total transaction of $3,687,460.98. Following the transaction, the chief executive officer owned 1,118,005 shares in the company, valued at approximately $29,615,952.45. The trade was a 11.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 in the last 90 days. 1.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MTG has been the topic of several research reports. Keefe, Bruyette & Woods upped their target price on MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a report on Friday, April 10th. Barclays lowered 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. UBS Group cut their target price on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, March 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of MGIC Investment in a report on Monday. Finally, Royal Bank Of Canada started coverage on shares of MGIC Investment in a research note on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price objective for the company. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $28.25.

MGIC Investment Stock Down 0.5%

MTG stock opened at $26.24 on Thursday. The company has a 50 day moving average price of $26.58 and a two-hundred day moving average price of $27.07. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.14 and a current ratio of 1.14. The stock has a market capitalization of $5.55 billion, a P/E ratio of 8.33, a PEG ratio of 1.81 and a beta of 0.68. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $29.97.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.03. The business had revenue of $297.08 million for the quarter, compared to analysts’ expectations of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The business’s revenue was down 3.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.75 earnings per share. As a group, sell-side analysts expect that MGIC Investment Corporation will post 3.06 EPS for the current year.

MGIC Investment announced that its Board of Directors has initiated a stock buyback plan on Thursday, April 23rd that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were issued a $0.15 dividend. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 annualized dividend and a yield of 2.3%. MGIC Investment’s payout ratio is 19.05%.

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.