Concurrent Investment Advisors LLC Buys 786 Shares of MGIC Investment Corporation $MTG

Concurrent Investment Advisors LLC raised its position in shares of MGIC Investment Corporation (NYSE:MTG) by 4.8% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 17,016 shares of the insurance provider’s stock after acquiring an additional 786 shares during the period. Concurrent Investment Advisors LLC’s holdings in MGIC Investment were worth $474,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Millennium Management LLC raised its position in shares of MGIC Investment by 913.6% in the 1st quarter. Millennium Management LLC now owns 2,300,596 shares of the insurance provider’s stock worth $57,009,000 after acquiring an additional 2,073,633 shares in the last quarter. Jane Street Group LLC grew its stake in MGIC Investment by 5,891.9% in the first quarter. Jane Street Group LLC now owns 1,373,050 shares of the insurance provider’s stock worth $34,024,000 after purchasing an additional 1,350,135 shares during the period. JPMorgan Chase & Co. raised its holdings in MGIC Investment by 4.8% in the first quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider’s stock worth $400,499,000 after purchasing an additional 743,212 shares in the last quarter. Citigroup Inc. raised its holdings in MGIC Investment by 259.1% in the first quarter. Citigroup Inc. now owns 902,982 shares of the insurance provider’s stock worth $22,376,000 after purchasing an additional 651,549 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in MGIC Investment by 22.5% during 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 buying an additional 605,342 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total transaction of $844,500.00. Following the sale, the chief operating officer directly owned 189,401 shares in the company, valued at approximately $5,331,638.15. This trade represents a 13.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of the business’s stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the completion of the transaction, the chief executive officer owned 961,791 shares of the company’s stock, valued at $26,054,918.19. This represents a 12.64% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, 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 Stock Performance

Shares of MTG stock opened at $26.94 on Friday. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of 8.83, a price-to-earnings-growth ratio of 1.95 and a beta of 0.88. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $29.01. The company’s 50-day moving average is $27.82 and its 200 day moving average is $26.54.

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

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were given a $0.15 dividend. This is a boost from MGIC Investment’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.60 annualized dividend and a yield of 2.2%. MGIC Investment’s payout ratio is currently 19.67%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MTG. Barclays upped their target price on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research report on Monday, October 6th. Keefe, Bruyette & Woods upped their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a report on Monday, July 7th. Finally, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $26.83.

MGIC Investment Company 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.