Legal & General Group Plc Makes New $8.29 Million Investment in MGIC Investment Corporation $MTG

Legal & General Group Plc acquired a new stake in shares of MGIC Investment Corporation (NYSE:MTG) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 294,120 shares of the insurance provider’s stock, valued at approximately $8,294,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Newbridge Financial Services Group Inc. purchased a new stake in shares of MGIC Investment in the third quarter worth about $28,000. SBI Securities Co. Ltd. raised its position in MGIC Investment by 40.3% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 420 shares in the last quarter. Geneos Wealth Management Inc. raised its position in MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 817 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in MGIC Investment in the second quarter valued at approximately $62,000. Finally, Harbor Investment Advisory LLC lifted its holdings in MGIC Investment by 613.0% in the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock valued at $73,000 after acquiring an additional 2,213 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Up 0.1%

MGIC Investment stock opened at $30.67 on Wednesday. The stock has a market capitalization of $6.29 billion, a PE ratio of 9.58, a price-to-earnings-growth ratio of 0.78 and a beta of 0.65. MGIC Investment Corporation has a 12 month low of $24.69 and a 12 month high of $31.89. The business has a 50 day simple moving average of $29.68 and a 200-day simple moving average of $27.60. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19.

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

MGIC Investment Increases Dividend

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

Insider Activity

In related news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the transaction, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This trade represents a 5.08% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment 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 owned 149,620 shares in the company, valued at approximately $4,533,486. The trade was a 11.79% 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. 1.34% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Zacks Research raised shares of MGIC Investment from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 25th. Roth Capital reiterated a “buy” rating and issued a $35.00 target price on shares of MGIC Investment in a research note on Thursday, July 30th. Royal Bank Of Canada increased 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 raised their price target on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Finally, Weiss Ratings raised shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.