Acadian Asset Management LLC Has $12.88 Million Position in MGIC Investment Corporation $MTG

Acadian Asset Management LLC reduced its position in shares of MGIC Investment Corporation (NYSE:MTG) by 0.9% during the 1st quarter, Holdings Channel.com reports. The firm owned 520,179 shares of the insurance provider’s stock after selling 4,812 shares during the period. Acadian Asset Management LLC’s holdings in MGIC Investment were worth $12,884,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in MTG. EP Wealth Advisors LLC grew its holdings in shares of MGIC Investment by 0.9% during the 1st quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider’s stock valued at $1,127,000 after acquiring an additional 398 shares in the last quarter. Brooklyn Investment Group grew its holdings in shares of MGIC Investment by 15.5% during the 1st quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider’s stock valued at $77,000 after acquiring an additional 416 shares in the last quarter. Signaturefd LLC grew its holdings in shares of MGIC Investment by 1.9% during the 1st quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider’s stock valued at $548,000 after acquiring an additional 421 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of MGIC Investment by 4.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock valued at $270,000 after acquiring an additional 437 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of MGIC Investment by 20.1% during the 1st quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider’s stock valued at $68,000 after acquiring an additional 461 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Stock Up 1.9%

MGIC Investment stock opened at $28.92 on Friday. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of 9.48, a P/E/G ratio of 2.05 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $28.98. The firm has a fifty day moving average price of $26.96 and a two-hundred day moving average price of $25.83.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.12. The firm had revenue of $304.25 million during the quarter, compared to analyst estimates of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The business’s revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 EPS. As a group, analysts forecast that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.13. MGIC Investment’s dividend payout ratio (DPR) is presently 19.67%.

Insiders Place Their Bets

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $26.22, for a total transaction of $786,600.00. Following the completion of the transaction, the chief operating officer owned 249,401 shares of the company’s stock, valued at $6,539,294.22. The trade was a 10.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the business’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following 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 represents a 11.22% decrease in their position. The disclosure for this sale can be found here. 1.05% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MTG. Keefe, Bruyette & Woods boosted their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a report on Monday, July 7th. Barclays boosted their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. Finally, Compass Point reiterated a “neutral” rating and issued a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Five investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $26.67.

MGIC Investment Profile

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.