Freestone Grove Partners LP Invests $1.70 Million in MGIC Investment Corporation $MTG

Freestone Grove Partners LP acquired a new stake in shares of MGIC Investment Corporation (NYSE:MTG) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 60,340 shares of the insurance provider’s stock, valued at approximately $1,702,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. SBI Securities Co. Ltd. grew its holdings 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 period. Compound Planning Inc. raised its stake in MGIC Investment by 4.3% during the 1st quarter. Compound Planning Inc. now owns 10,392 shares of the insurance provider’s stock worth $273,000 after acquiring an additional 433 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in MGIC Investment by 1.1% during the first quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock valued at $1,181,000 after purchasing an additional 481 shares in the last quarter. Lido Advisors LLC lifted its holdings in MGIC Investment by 2.2% during the fourth quarter. Lido Advisors LLC now owns 23,799 shares of the insurance provider’s stock valued at $689,000 after purchasing an additional 522 shares in the last quarter. Finally, Victory Financial Group LLC boosted its position in shares of MGIC Investment by 1.9% in the third quarter. Victory Financial Group LLC now owns 27,994 shares of the insurance provider’s stock worth $794,000 after purchasing an additional 535 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer owned 560,951 shares in the company, valued at approximately $14,236,936.38. The trade was 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 that occurred on Friday, August 7th. The stock was 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 approximately $4,533,486. This trade represents a 11.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.34% of the company’s stock.

MGIC Investment Stock Performance

MTG opened at $31.08 on Friday. 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’s 50 day moving average price is $29.51 and its 200-day moving average price is $27.55. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $31.89. The stock has a market cap of $6.38 billion, a price-to-earnings ratio of 9.71, a P/E/G ratio of 0.79 and a beta of 0.66.

MGIC Investment (NYSE:MTG) last posted 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 firm had revenue of $295.39 million for the quarter, compared to analysts’ expectations of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.82 earnings per share. On average, equities analysts forecast that MGIC Investment Corporation will post 3.24 EPS for the current year.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, August 5th. MGIC Investment’s dividend payout ratio is 21.25%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Weiss Ratings upgraded MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, August 19th. Keefe, Bruyette & Woods lifted their target price on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Zacks Research raised MGIC Investment from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 25th. 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 report on Friday, July 31st. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.