Pallas Capital Advisors LLC Acquires Shares of 17,655 MGIC Investment Corporation $MTG

Pallas Capital Advisors LLC acquired a new position in shares of MGIC Investment Corporation (NYSE:MTG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 17,655 shares of the insurance provider’s stock, valued at approximately $498,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of MGIC Investment in the 1st quarter valued at about $2,397,000. Goldman Sachs Group Inc. increased its position in MGIC Investment by 6.7% during the first quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock worth $76,901,000 after buying an additional 195,895 shares during the period. Geneos Wealth Management Inc. increased its position in MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after buying an additional 817 shares during the period. Sivia Capital Partners LLC purchased a new stake in MGIC Investment in the second quarter valued at approximately $425,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in MGIC Investment by 18.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,211 shares of the insurance provider’s stock valued at $145,000 after buying an additional 830 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Performance

NYSE:MTG opened at $30.94 on Thursday. 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 fifty-two week low of $24.69 and a fifty-two week high of $31.89. The stock 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. The firm’s fifty day simple moving average is $28.80 and its 200-day simple moving average is $27.35.

MGIC Investment (NYSE:MTG) last announced 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 analysts’ expectations of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.82 earnings per share. Analysts expect that MGIC Investment Corporation will post 3.24 earnings per share for the current fiscal 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 issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.2%. 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. MGIC Investment’s dividend payout ratio is 21.25%.

MGIC Investment announced that its board has authorized a stock buyback plan on Thursday, April 23rd that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the insurance provider to reacquire up to 12.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MTG shares. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, July 7th. Roth Capital reiterated a “buy” rating and issued a $35.00 price target on shares of MGIC Investment in a research report on Thursday, July 30th. Keefe, Bruyette & Woods increased their price target on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. Royal Bank Of Canada increased 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, Barclays lowered their price objective on shares of 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 analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, MGIC Investment presently has a consensus rating of “Hold” and a consensus target price of $30.60.

Insider Buying and Selling

In related news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief operating officer owned 560,951 shares in the company, valued at $14,236,936.38. This represents a 5.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $30.30, for a total value of $606,000.00. Following the completion of the transaction, the executive vice president directly owned 149,620 shares of the company’s stock, valued at $4,533,486. The trade was a 11.79% 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 have sold 70,937 shares of company stock valued at $1,902,340. Insiders own 1.34% of the company’s stock.

MGIC Investment Profile

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.