Pallas Capital Advisors LLC Buys Shares of 17,655 MGIC Investment Corporation $MTG

Pallas Capital Advisors LLC bought a new position in shares of MGIC Investment Corporation (NYSE:MTG) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 17,655 shares of the insurance provider’s stock, valued at approximately $498,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Jefferies Financial Group Inc. lifted its stake in MGIC Investment by 245.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 364,650 shares of the insurance provider’s stock valued at $10,655,000 after buying an additional 259,039 shares in the last quarter. Geode Capital Management LLC increased its position in 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 worth $163,368,000 after buying an additional 146,589 shares in the last quarter. Arbejdsmarkedets Tillaegspension acquired a new position in shares of MGIC Investment in the fourth quarter worth $24,456,000. Norges Bank acquired a new position in shares of MGIC Investment in the fourth quarter worth $96,248,000. Finally, Hsbc Holdings PLC lifted its position in shares of MGIC Investment by 24.5% in the fourth quarter. Hsbc Holdings PLC now owns 207,412 shares of the insurance provider’s stock valued at $6,089,000 after acquiring an additional 40,751 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insiders Place Their Bets

In other MGIC Investment news, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of the sale, the executive vice president directly owned 169,620 shares in the company, valued at $4,333,791. This represents a 10.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the transaction, the chief operating officer owned 560,951 shares in the company, valued at approximately $14,236,936.38. This trade represents a 5.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 70,937 shares of company stock worth $1,902,340 in the last quarter. 1.34% of the stock is owned by insiders.

MGIC Investment Stock Performance

Shares of MTG stock opened at $30.94 on Thursday. 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 firm has a market capitalization of $6.35 billion, a price-to-earnings ratio of 9.67, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $31.89. The company has a 50 day moving average price of $28.80 and a 200 day moving average price of $27.35.

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

MGIC Investment announced that its board has initiated a share buyback program on Thursday, April 23rd that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to buy up to 12.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Wednesday, August 5th will be given a $0.17 dividend. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.68 annualized dividend and a dividend yield of 2.2%. MGIC Investment’s dividend payout ratio is 21.25%.

Analyst Ratings Changes

MTG has been the topic of a number of analyst reports. Roth Capital reaffirmed a “buy” rating and set a $35.00 price objective on shares of MGIC Investment in a research note on Thursday, July 30th. Keefe, Bruyette & Woods upped their target price on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, July 31st. 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 research note on Friday, July 31st. Barclays lowered their price target on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Finally, Weiss Ratings raised shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, MGIC Investment presently has a consensus rating of “Hold” and a consensus target price of $30.60.

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.