25,000 Shares in MGIC Investment Corporation $MTG Acquired by Oxbow Advisors LLC

Oxbow Advisors LLC bought a new stake in shares of MGIC Investment Corporation (NYSE:MTG) in the second quarter, Holdings Channel.com reports. The institutional investor bought 25,000 shares of the insurance provider’s stock, valued at approximately $705,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in MGIC Investment in the second quarter valued at approximately $618,467,000. AQR Capital Management LLC increased its position in shares of MGIC Investment by 31.3% during the fourth quarter. AQR Capital Management LLC now owns 11,616,282 shares of the insurance provider’s stock worth $339,428,000 after purchasing an additional 2,771,533 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of MGIC Investment by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock valued at $163,368,000 after purchasing an additional 146,589 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of MGIC Investment by 1.0% during the 4th quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider’s stock valued at $146,397,000 after purchasing an additional 48,064 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in shares of MGIC Investment by 1.7% in the 4th quarter. First Trust Advisors LP now owns 4,609,318 shares of the insurance provider’s stock worth $134,684,000 after purchasing an additional 76,306 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insider Activity

In other news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the transaction, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 the 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 directly owned 149,620 shares in the company, valued at $4,533,486. This represents a 11.79% 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. In the last quarter, insiders have sold 70,937 shares of company stock worth $1,902,340. Company insiders own 1.34% of the company’s stock.

MGIC Investment Trading Up 0.2%

NYSE:MTG opened at $31.16 on Wednesday. The company has a market capitalization of $6.39 billion, a P/E ratio of 9.74, a PEG ratio of 0.80 and a beta of 0.66. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 12 month low of $24.69 and a 12 month high of $31.89. The firm has a fifty day simple moving average of $28.69 and a 200-day simple moving average of $27.32.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.11. The firm had revenue of $295.39 million for the quarter, compared to the consensus estimate of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The firm’s revenue was down 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 EPS. On average, equities research analysts anticipate that MGIC Investment Corporation will post 3.21 earnings per share for the current year.

MGIC Investment declared that its Board of Directors has authorized a stock buyback program on Thursday, April 23rd that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the insurance provider to buy up to 12.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

MGIC Investment Increases Dividend

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

Analysts Set New Price Targets

MTG has been the topic of several research analyst reports. Weiss Ratings upgraded MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, July 7th. Roth Capital reissued a “buy” rating and issued a $35.00 price target on shares of MGIC Investment in a report on Thursday, July 30th. Royal Bank Of Canada boosted their price target 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. Barclays cut 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 report on Friday, May 1st. Finally, Keefe, Bruyette & Woods increased their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, MGIC Investment currently has an average rating of “Hold” and an average target price of $30.60.

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.