UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $18.65 Million Position in MGIC Investment Corporation $MTG

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its position in MGIC Investment Corporation (NYSE:MTG) by 7.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 661,445 shares of the insurance provider’s stock after selling 50,136 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in MGIC Investment were worth $18,653,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in MGIC Investment during the 2nd quarter worth approximately $618,467,000. AQR Capital Management LLC raised its stake in shares of MGIC Investment by 31.3% during the fourth quarter. AQR Capital Management LLC now owns 11,616,282 shares of the insurance provider’s stock valued at $339,428,000 after acquiring an additional 2,771,533 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of MGIC Investment by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock valued at $163,368,000 after acquiring an additional 146,589 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of MGIC Investment by 1.0% during the fourth quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider’s stock worth $146,397,000 after purchasing an additional 48,064 shares during the period. Finally, First Trust Advisors LP grew its stake in shares of MGIC Investment by 1.7% in the fourth quarter. First Trust Advisors LP now owns 4,609,318 shares of the insurance provider’s stock worth $134,684,000 after purchasing an additional 76,306 shares during the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on MTG shares. Roth Capital restated a “buy” rating and set a $35.00 price objective on shares of MGIC Investment in a research report on Thursday, July 30th. Royal Bank Of Canada raised their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a report on Friday, July 31st. Keefe, Bruyette & Woods upped their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Weiss Ratings raised shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. Finally, Zacks Research upgraded shares of MGIC Investment from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 25th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $30.60.

Insider Buying and Selling at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction dated 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 sale, 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $30.73, for a total value of $921,900.00. Following the transaction, the chief operating officer directly owned 470,951 shares in the company, valued at approximately $14,472,324.23. This trade represents a 5.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 80,000 shares of company stock valued at $2,289,300. Insiders own 1.34% of the company’s stock.

MGIC Investment Trading Down 1.5%

Shares of MTG stock opened at $31.01 on Friday. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $31.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19. The stock has a 50 day simple moving average of $29.91 and a two-hundred day simple moving average of $27.69. The company has a market cap of $6.36 billion, a P/E ratio of 9.69, a PEG ratio of 0.80 and a beta of 0.65.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.11. The firm had revenue of $295.39 million for the quarter, compared to analysts’ expectations of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.82 EPS. Research analysts forecast that MGIC Investment Corporation will post 3.24 earnings per share for the current year.

MGIC Investment Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were issued a $0.17 dividend. The ex-dividend date was Wednesday, August 5th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 2.2%. MGIC Investment’s dividend payout ratio is 21.25%.

About MGIC Investment

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.