KLP Kapitalforvaltning AS Has $2.22 Million Stock Position in MGIC Investment Corporation $MTG

KLP Kapitalforvaltning AS lifted its position in shares of MGIC Investment Corporation (NYSE:MTG) by 2.2% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 79,800 shares of the insurance provider’s stock after buying an additional 1,700 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in MGIC Investment were worth $2,222,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in shares of MGIC Investment by 4.8% during the first quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider’s stock worth $400,499,000 after buying an additional 743,212 shares in the last quarter. LSV Asset Management raised its stake in MGIC Investment by 2.9% in the first quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider’s stock valued at $269,815,000 after purchasing an additional 310,095 shares in the last quarter. AQR Capital Management LLC raised its stake in MGIC Investment by 22.5% in the first quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider’s stock valued at $80,481,000 after purchasing an additional 605,342 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in MGIC Investment by 6.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock valued at $76,901,000 after purchasing an additional 195,895 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its stake in MGIC Investment by 25.3% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,597,602 shares of the insurance provider’s stock valued at $64,369,000 after purchasing an additional 524,973 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Barclays boosted their price target on MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research note on Monday, October 6th. Keefe, Bruyette & Woods boosted their price target on MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a research note on Monday, July 7th. Finally, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $26.83.

MGIC Investment Stock Performance

MGIC Investment stock opened at $26.71 on Friday. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.01. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The business’s 50-day moving average price is $27.80 and its two-hundred day moving average price is $26.47. The stock has a market cap of $6.16 billion, a PE ratio of 8.76, a P/E/G ratio of 1.93 and a beta of 0.88.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.12. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The firm had revenue of $304.25 million for the quarter, compared to analysts’ expectations of $306.25 million. During the same quarter in the previous year, the business posted $0.77 earnings per share. The business’s revenue for the quarter was down .3% on a year-over-year basis. As a group, analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.13. The ex-dividend date was Thursday, August 7th. MGIC Investment’s dividend payout ratio (DPR) is presently 19.67%.

Insider Activity

In other news, CEO Timothy J. Mattke sold 139,203 shares of the business’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total transaction of $3,771,009.27. Following the sale, the chief executive officer directly owned 961,791 shares in the company, valued at approximately $26,054,918.19. The trade was a 12.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total value of $844,500.00. Following the sale, the chief operating officer owned 189,401 shares in the company, valued at approximately $5,331,638.15. This trade represents a 13.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 338,406 shares of company stock worth $9,096,557. Company insiders own 1.05% of the company’s stock.

MGIC Investment Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.