Brevan Howard Capital Management LP Buys 137,564 Shares of MGIC Investment Corporation $MTG

Brevan Howard Capital Management LP boosted its stake in MGIC Investment Corporation (NYSE:MTG) by 467.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 166,962 shares of the insurance provider’s stock after acquiring an additional 137,564 shares during the quarter. Brevan Howard Capital Management LP owned 0.07% of MGIC Investment worth $4,737,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MTG. Norges Bank acquired a new stake in shares of MGIC Investment in the 2nd quarter valued at about $95,857,000. AQR Capital Management LLC grew its holdings in shares of MGIC Investment by 92.4% during the second quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock worth $176,313,000 after buying an additional 3,041,446 shares in the last quarter. First Trust Advisors LP raised its position in MGIC Investment by 48.1% in the 2nd quarter. First Trust Advisors LP now owns 7,302,263 shares of the insurance provider’s stock valued at $203,295,000 after buying an additional 2,370,403 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in MGIC Investment by 13.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 18,331,120 shares of the insurance provider’s stock valued at $510,338,000 after acquiring an additional 2,168,940 shares in the last quarter. Finally, Assetmark Inc. boosted its position in MGIC Investment by 1,208.1% during the 3rd quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider’s stock worth $47,496,000 after acquiring an additional 1,546,173 shares during the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Trading Down 0.4%

Shares of MGIC Investment stock opened at $26.01 on Monday. The stock has a market cap of $5.59 billion, a P/E ratio of 8.28, a P/E/G ratio of 2.07 and a beta of 0.83. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.97. The business’s 50 day moving average is $26.85 and its 200-day moving average is $27.70.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.02. MGIC Investment had a net margin of 60.84% and a return on equity of 14.33%. During the same period in the previous year, the firm earned $0.72 earnings per share. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. Equities research analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Tuesday, February 17th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, February 17th. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. MGIC Investment’s payout ratio is currently 19.11%.

Insider Transactions at MGIC Investment

In related news, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the completion of the transaction, the chief executive officer owned 822,588 shares in the company, valued at approximately $21,806,807.88. This trade represents a 14.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $27.51, for a total value of $550,200.00. Following the transaction, the executive vice president directly owned 114,689 shares in the company, valued at approximately $3,155,094.39. This trade represents a 14.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 189,203 shares of company stock worth $5,058,572 in the last ninety days. Insiders own 1.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MTG shares. Keefe, Bruyette & Woods boosted their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. Weiss Ratings downgraded shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, February 5th. UBS Group lowered their price target on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Barclays reduced their price objective on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 4th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $28.00.

MGIC Investment 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.