Prudential Financial Inc. Buys 59,855 Shares of MGIC Investment Corporation $MTG

Prudential Financial Inc. lifted its stake in MGIC Investment Corporation (NYSE:MTG) by 41.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 204,397 shares of the insurance provider’s stock after purchasing an additional 59,855 shares during the quarter. Prudential Financial Inc. owned about 0.09% of MGIC Investment worth $5,690,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Private Advisor Group LLC purchased a new position in MGIC Investment during the first quarter worth $238,000. XTX Topco Ltd raised its stake in shares of MGIC Investment by 1.7% in the first quarter. XTX Topco Ltd now owns 44,500 shares of the insurance provider’s stock valued at $1,103,000 after acquiring an additional 731 shares during the period. Vestcor Inc lifted its holdings in shares of MGIC Investment by 61.9% in the 1st quarter. Vestcor Inc now owns 44,648 shares of the insurance provider’s stock worth $1,106,000 after acquiring an additional 17,062 shares during the last quarter. US Bancorp DE boosted its stake in shares of MGIC Investment by 5.3% during the 1st quarter. US Bancorp DE now owns 10,797 shares of the insurance provider’s stock worth $268,000 after purchasing an additional 548 shares during the period. Finally, Jefferies Financial Group Inc. bought a new position in MGIC Investment during the 1st quarter valued at about $4,065,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

MTG has been the subject of several analyst reports. Barclays raised their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research note on Monday, October 6th. Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, MGIC Investment has an average rating of “Hold” and a consensus price target of $26.80.

Insider Activity at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $27.44, for a total value of $548,800.00. Following the completion of the sale, the executive vice president directly owned 117,395 shares of the company’s stock, valued at $3,221,318.80. This represents a 14.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total transaction of $3,771,009.27. Following the transaction, the chief executive officer owned 961,791 shares in the company, valued at approximately $26,054,918.19. The trade was a 12.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 219,203 shares of company stock worth $5,989,909 over the last three months. 1.05% of the stock is owned by corporate insiders.

MGIC Investment Stock Performance

Shares of NYSE:MTG opened at $28.35 on Friday. The firm’s 50 day simple moving average is $27.72 and its 200-day simple moving average is $27.24. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $29.01. The firm has a market cap of $6.34 billion, a PE ratio of 9.12, a price-to-earnings-growth ratio of 1.91 and a beta of 0.92.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.11. The company had revenue of $304.51 million for the quarter, compared to analysts’ expectations of $308.16 million. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.MGIC Investment’s revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.77 earnings per share. As a group, equities analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, November 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. MGIC Investment’s dividend payout ratio (DPR) is currently 19.29%.

MGIC Investment Company 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.