RMG Wealth Management LLC Acquires Shares of 3,460 MGIC Investment Corporation $MTG

RMG Wealth Management LLC acquired a new stake in MGIC Investment Corporation (NYSE:MTG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,460 shares of the insurance provider’s stock, valued at approximately $96,000.

Other institutional investors also recently bought and sold shares of the company. WPG Advisers LLC acquired a new position in MGIC Investment in the first quarter valued at $26,000. Cullen Frost Bankers Inc. acquired a new position in MGIC Investment in the first quarter valued at $33,000. Quarry LP acquired a new position in MGIC Investment in the first quarter valued at $38,000. Geneos Wealth Management Inc. increased its stake 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 valued at $43,000 after purchasing an additional 817 shares during the period. Finally, Harbor Capital Advisors Inc. acquired a new position in MGIC Investment in the second quarter valued at $49,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total value of $844,500.00. Following the completion of the transaction, the chief operating officer directly owned 189,401 shares of the company’s stock, valued at approximately $5,331,638.15. This trade represents a 13.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the completion of the transaction, the chief executive officer directly owned 1,100,994 shares of the company’s stock, valued at approximately $29,220,380.76. This trade represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 199,203 shares of company stock valued at $5,325,548. 1.41% of the stock is currently owned by corporate insiders.

MGIC Investment Trading Down 1.0%

Shares of MTG opened at $27.23 on Tuesday. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $29.01. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $6.28 billion, a P/E ratio of 8.93, a PEG ratio of 1.99 and a beta of 0.88. The firm’s 50-day moving average is $27.71 and its two-hundred day moving average is $26.41.

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, beating analysts’ consensus estimates of $0.70 by $0.12. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The company had revenue of $304.25 million during the quarter, compared to analysts’ expectations of $306.25 million. During the same period last year, the company posted $0.77 earnings per share. The firm’s quarterly revenue was down .3% compared to the same quarter last year. On average, research analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. 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. MGIC Investment’s dividend payout ratio is 19.67%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Barclays boosted their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research note on Monday. Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a research note on Saturday, September 27th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a research note on Monday, July 7th. One equities 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’s stock. Based on data from MarketBeat.com, MGIC Investment has a consensus rating of “Hold” and a consensus target price of $26.83.

About MGIC Investment

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.