NewEdge Wealth LLC Purchases Shares of 2,531,024 MGIC Investment Corporation $MTG

NewEdge Wealth LLC bought a new stake in MGIC Investment Corporation (NYSE:MTG) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,531,024 shares of the insurance provider’s stock, valued at approximately $71,375,000. NewEdge Wealth LLC owned about 1.23% of MGIC Investment as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Newbridge Financial Services Group Inc. acquired a new stake in shares of MGIC Investment in the third quarter valued at about $28,000. SBI Securities Co. Ltd. boosted its position in MGIC Investment by 40.3% during the fourth 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 during the last quarter. Geneos Wealth Management Inc. boosted its position in MGIC Investment by 88.0% during the first 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. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in MGIC Investment in the second quarter valued at approximately $62,000. Finally, Harbor Investment Advisory LLC grew its stake in MGIC Investment by 613.0% in the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock valued at $73,000 after purchasing an additional 2,213 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Activity

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 sale, the chief operating officer 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.55, for a total value of $534,940.35. Following the sale, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. This trade represents a 10.99% 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 three months, insiders have sold 70,937 shares of company stock valued at $1,902,340. Insiders own 1.34% of the company’s stock.

MGIC Investment Trading Down 0.6%

Shares of MTG stock opened at $30.94 on Thursday. 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 1 year low of $24.69 and a 1 year high of $31.89. The stock has a market cap of $6.35 billion, a P/E ratio of 9.67, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66. The stock has a 50 day simple moving average of $28.80 and a 200 day simple moving average of $27.35.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.11. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The business had revenue of $295.39 million during the quarter, compared to the consensus estimate of $297.54 million. During the same quarter in the previous year, the firm earned $0.82 earnings per share. MGIC Investment’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, research analysts predict that MGIC Investment Corporation will post 3.24 earnings per share for the current fiscal year.

MGIC Investment announced that its Board of Directors has authorized a stock repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to buy up to 12.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th will be issued a dividend of $0.17 per share. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.2%. MGIC Investment’s payout ratio is presently 21.25%.

Analyst Upgrades and Downgrades

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. Royal Bank Of Canada boosted their target price on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a report 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. Barclays cut their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Finally, Keefe, Bruyette & Woods upped their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a 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 data from MarketBeat.com, MGIC Investment presently has an average rating of “Hold” and a consensus 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.