127,754 Shares in MGIC Investment Corporation $MTG Acquired by Centric Wealth Management

Centric Wealth Management acquired a new stake in shares of MGIC Investment Corporation (NYSE:MTG) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 127,754 shares of the insurance provider’s stock, valued at approximately $3,343,000.

A number of other large investors have also added to or reduced their stakes in MTG. Norges Bank bought a new stake in MGIC Investment in the fourth quarter worth $96,248,000. AQR Capital Management LLC increased its holdings in shares of MGIC Investment by 92.4% during the second quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock valued at $176,313,000 after acquiring an additional 3,041,446 shares in the last quarter. Arbejdsmarkedets Tillaegspension purchased a new position in shares of MGIC Investment in the 4th quarter worth about $24,456,000. Jane Street Group LLC boosted its stake in MGIC Investment by 71.2% in the 4th quarter. Jane Street Group LLC now owns 1,739,877 shares of the insurance provider’s stock worth $50,839,000 after purchasing an additional 723,480 shares in the last quarter. Finally, Caisse de depot et placement du Quebec boosted its stake in MGIC Investment by 20.4% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 3,943,965 shares of the insurance provider’s stock worth $111,890,000 after purchasing an additional 667,876 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods raised their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, July 7th. Roth Capital reissued a “buy” rating and set a $35.00 price target on shares of MGIC Investment in a research report on Thursday, July 30th. Royal Bank Of Canada boosted their price objective on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a report on Friday, July 31st. Finally, Barclays lowered their price objective on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, MGIC Investment presently has an average rating of “Hold” and an average price target of $30.60.

MGIC Investment Stock Performance

Shares of NYSE MTG opened at $31.13 on Friday. The firm’s 50-day moving average price is $28.46 and its 200-day moving average price is $27.25. MGIC Investment Corporation has a 52-week low of $24.69 and a 52-week high of $31.89. The company has a market cap of $6.39 billion, a PE ratio of 9.73, a PEG ratio of 0.80 and a beta of 0.66. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share 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 analysts’ expectations of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.82 earnings per share. As a group, analysts anticipate that MGIC Investment Corporation will post 3.21 EPS for the current year.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th will be given a $0.17 dividend. This is a boost 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 yield of 2.2%. MGIC Investment’s payout ratio is presently 21.25%.

MGIC Investment declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 23rd that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 12.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction 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 transaction, the executive vice president directly owned 149,620 shares in the company, valued at $4,533,486. This trade represents a 11.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction 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 directly owned 560,951 shares of the company’s stock, valued at $14,236,936.38. The trade was a 5.08% decrease in their position. 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 have sold 70,937 shares of company stock valued at $1,902,340. Company insiders own 1.34% of the company’s stock.

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.