MGIC Investment Corporation $MTG Holdings Boosted by NewEdge Wealth LLC

NewEdge Wealth LLC grew its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 4.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,125,640 shares of the insurance provider’s stock after purchasing an additional 83,488 shares during the quarter. MGIC Investment makes up 0.9% of NewEdge Wealth LLC’s portfolio, making the stock its 20th largest holding. NewEdge Wealth LLC’s holdings in MGIC Investment were worth $59,667,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in MTG. JPMorgan Chase & Co. increased its position in MGIC Investment by 13.4% in the second quarter. JPMorgan Chase & Co. now owns 18,331,120 shares of the insurance provider’s stock worth $510,338,000 after buying an additional 2,168,940 shares during the period. First Trust Advisors LP grew its position in shares of MGIC Investment by 48.1% during the second quarter. First Trust Advisors LP now owns 7,302,263 shares of the insurance provider’s stock worth $203,295,000 after acquiring an additional 2,370,403 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of MGIC Investment by 92.4% in the 2nd quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock worth $176,313,000 after acquiring an additional 3,041,446 shares during the period. Norges Bank bought a new stake in MGIC Investment in the 2nd quarter valued at about $95,857,000. Finally, Goldman Sachs Group Inc. boosted its stake in MGIC Investment by 6.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock valued at $76,901,000 after purchasing an additional 195,895 shares during the period. Institutional investors own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

MTG has been the topic of several analyst reports. Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Thursday, December 18th. Weiss Ratings cut MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, February 5th. Finally, Barclays reduced their price target on MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 4th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, MGIC Investment presently has a consensus rating of “Hold” and an average price target of $28.00.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction 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 owned 114,689 shares of the company’s stock, valued at approximately $3,155,094.39. This represents a 14.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $27.27, for a total value of $818,100.00. Following the sale, the chief operating officer directly owned 454,245 shares of the company’s stock, valued at approximately $12,387,261.15. This represents a 6.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 189,203 shares of company stock valued at $5,058,572. 1.05% of the stock is owned by insiders.

MGIC Investment Price Performance

NYSE MTG opened at $26.80 on Thursday. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $29.97. The firm has a market capitalization of $6.00 billion, a PE ratio of 8.53, a P/E/G ratio of 2.13 and a beta of 0.83. The company’s 50 day simple moving average is $27.89 and its 200 day simple moving average is $27.82. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.78 and a quick ratio of 1.48.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.The firm had revenue of $298.65 million during the quarter, compared to analyst estimates of $308.19 million. During the same period last year, the company posted $0.72 EPS. The firm’s quarterly revenue was down .9% on a year-over-year basis. As a group, equities research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th will be given a $0.15 dividend. The ex-dividend date is Tuesday, February 17th. This represents a $0.60 annualized dividend and a yield of 2.2%. MGIC Investment’s payout ratio is 19.11%.

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.