2,531,024 Shares in MGIC Investment Corporation $MTG Bought by NewEdge Wealth LLC

NewEdge Wealth LLC purchased a new stake in MGIC Investment Corporation (NYSE:MTG) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,531,024 shares of the insurance provider’s stock, valued at approximately $71,375,000.

Several other hedge funds have also bought and sold shares of MTG. Newbridge Financial Services Group Inc. acquired a new position in shares of MGIC Investment during the third quarter valued at about $28,000. SBI Securities Co. Ltd. raised its stake in MGIC Investment by 40.3% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 420 shares during the period. Geneos Wealth Management Inc. raised its position in shares of MGIC Investment by 88.0% in 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 period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of MGIC Investment in the second quarter valued at $62,000. Finally, Harbor Investment Advisory LLC lifted its holdings in shares of MGIC Investment by 613.0% in the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock worth $73,000 after buying an additional 2,213 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Buying and Selling

In other news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment 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 sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were 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 in the company, valued at $14,236,936.38. This trade represents a 5.08% 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. Over the last quarter, insiders sold 70,937 shares of company stock worth $1,902,340. Corporate insiders own 1.34% of the company’s stock.

MGIC Investment Price Performance

Shares of MGIC Investment stock opened at $30.94 on Thursday. The firm has a market cap of $6.35 billion, a PE ratio of 9.67, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66. MGIC Investment Corporation has a 12-month low of $24.69 and a 12-month high of $31.89. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13. The company’s fifty day simple moving average is $28.80 and its two-hundred day simple moving average is $27.35.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.76 by $0.11. The firm had revenue of $295.39 million during the quarter, compared to the consensus estimate of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.82 earnings per share. As a group, equities analysts expect that MGIC Investment Corporation will post 3.24 EPS for the current year.

MGIC Investment announced that its board has approved a stock buyback program on Thursday, April 23rd that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

MGIC Investment Increases Dividend

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

Analyst Ratings Changes

Several research firms recently commented on MTG. Weiss Ratings upgraded MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, July 7th. Royal Bank Of Canada raised their price objective on MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a research note on Friday, July 31st. Keefe, Bruyette & Woods raised their price target on MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, July 31st. Barclays decreased their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Finally, Roth Capital reiterated a “buy” rating and issued a $35.00 price objective on shares of MGIC Investment in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, MGIC Investment has a consensus rating of “Hold” 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.