Callan Family Office LLC Invests $685,000 in MGIC Investment Corporation $MTG

Callan Family Office LLC acquired a new position in shares of MGIC Investment Corporation (NYSE:MTG) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 24,298 shares of the insurance provider’s stock, valued at approximately $685,000.

A number of other institutional investors also recently added to or reduced their stakes in MTG. Newbridge Financial Services Group Inc. bought a new position in MGIC Investment in the third quarter worth about $28,000. SBI Securities Co. Ltd. boosted its holdings in shares of 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 buying an additional 420 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of MGIC Investment by 88.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after buying an additional 817 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of MGIC Investment in the 2nd quarter worth approximately $62,000. Finally, Harbor Investment Advisory LLC grew its position in shares of MGIC Investment by 613.0% in the 2nd 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 during the last quarter. Institutional investors own 95.58% of the company’s stock.

Insiders Place Their Bets

In related 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 completion of the transaction, the executive vice president owned 149,620 shares in the company, valued at $4,533,486. This trade represents a 11.79% decrease in their position. The sale was disclosed in a legal 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 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 sale, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 70,937 shares of company stock worth $1,902,340 over the last three months. Corporate insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

MTG has been the subject of a number of analyst reports. Roth Capital reissued a “buy” rating and set a $35.00 target price on shares of MGIC Investment in a research report on Thursday, July 30th. Barclays reduced their price target 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. Royal Bank Of Canada raised their price objective on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Weiss Ratings raised MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, August 19th. Finally, Keefe, Bruyette & Woods boosted their target price on MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $30.60.

MGIC Investment Stock Performance

Shares of MGIC Investment stock opened at $31.27 on Wednesday. The company has a 50 day moving average price of $29.21 and a 200 day moving average price of $27.47. The firm has a market capitalization of $6.41 billion, a P/E ratio of 9.77, a PEG ratio of 0.79 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 Corporation has a 52 week low of $24.69 and a 52 week high of $31.89.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share 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 company had revenue of $295.39 million for the quarter, compared to the consensus estimate of $297.54 million. During the same quarter in the previous year, the firm earned $0.82 EPS. MGIC Investment’s revenue was down 2.9% compared to the same quarter last year. Sell-side analysts expect that MGIC Investment Corporation will post 3.24 EPS for the current year.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th were paid a dividend of $0.17 per share. The ex-dividend date was Wednesday, August 5th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 2.2%. MGIC Investment’s payout ratio is presently 21.25%.

MGIC Investment Company 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.