Connor Clark & Lunn Investment Management Ltd. Takes $16.35 Million Position in MGIC Investment Corporation $MTG

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of MGIC Investment Corporation (NYSE:MTG) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 579,689 shares of the insurance provider’s stock, valued at approximately $16,347,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Newbridge Financial Services Group Inc. purchased a new stake in shares of MGIC Investment during the 3rd quarter valued at $28,000. SBI Securities Co. Ltd. grew its position in MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 420 shares in the last quarter. Geneos Wealth Management Inc. grew its position in MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 817 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in MGIC Investment in the second quarter valued at $62,000. Finally, Harbor Investment Advisory LLC increased its stake in MGIC Investment by 613.0% in the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock valued at $73,000 after acquiring an additional 2,213 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

Insider Buying and Selling at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction dated 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 in the company, valued at approximately $14,236,936.38. This trade represents a 5.08% decrease in their position. The transaction 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, EVP Paula C. Maggio sold 20,937 shares of MGIC Investment stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of the sale, the executive vice president owned 169,620 shares of the company’s stock, valued at $4,333,791. This represents a 10.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 70,937 shares of company stock valued at $1,902,340 in the last 90 days. Company insiders own 1.34% of the company’s stock.

MGIC Investment Trading Up 0.6%

MTG opened at $31.27 on Wednesday. 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 Corporation has a 52 week low of $24.69 and a 52 week high of $31.89. The stock has a market cap of $6.41 billion, a PE ratio of 9.77, a PEG ratio of 0.79 and a beta of 0.66. The business has a 50 day moving average of $29.21 and a 200-day moving average of $27.47.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.76 by $0.11. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The business had revenue of $295.39 million for the quarter, compared to analyst estimates of $297.54 million. During the same quarter in the previous year, the firm posted $0.82 earnings per share. MGIC Investment’s quarterly revenue was down 2.9% on a year-over-year basis. Equities research analysts predict that MGIC Investment Corporation will post 3.24 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

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

Analysts Set New Price Targets

MTG has been the subject of a number of recent research reports. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Keefe, Bruyette & Woods increased their target price on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, July 31st. Barclays reduced their target price on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Royal Bank Of Canada boosted their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. Finally, Roth Capital restated a “buy” rating and set a $35.00 price target on shares of MGIC Investment in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.