Jupiter Topco LLC Invests $2.60 Million in MGIC Investment Corporation $MTG

Jupiter Topco LLC purchased a new position in shares of MGIC Investment Corporation (NYSE:MTG) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 92,217 shares of the insurance provider’s stock, valued at approximately $2,600,000.

Several other institutional investors have also added to or reduced their stakes in MTG. BlackRock Inc. acquired a new position in MGIC Investment in the 2nd quarter valued at $618,467,000. AQR Capital Management LLC increased its position in MGIC Investment by 31.3% during the 4th quarter. AQR Capital Management LLC now owns 11,616,282 shares of the insurance provider’s stock worth $339,428,000 after buying an additional 2,771,533 shares during the period. Geode Capital Management LLC lifted its holdings 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 worth $163,368,000 after buying an additional 146,589 shares in 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 buying an additional 48,064 shares in the last quarter. Finally, First Trust Advisors LP boosted its position 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 valued at $134,684,000 after acquiring an additional 76,306 shares during the period. 95.58% of the stock is currently owned by institutional investors.

Insider Activity

In other news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the completion of the sale, the chief operating officer owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $30.30, for a total transaction of $606,000.00. Following the sale, the executive vice president owned 149,620 shares in the company, valued at $4,533,486. This represents a 11.79% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 80,000 shares of company stock worth $2,289,300. Insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

MTG has been the topic of several research reports. Zacks Research upgraded 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 price objective on shares of MGIC Investment in a research note on Thursday, July 30th. Royal Bank Of Canada boosted their price objective on shares of MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Weiss Ratings raised shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Finally, Keefe, Bruyette & Woods lifted 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. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.60.

MGIC Investment Stock Performance

MTG opened at $31.04 on Thursday. The firm has a market cap of $6.37 billion, a P/E ratio of 9.70, a price-to-earnings-growth ratio of 0.78 and a beta of 0.65. MGIC Investment Corporation has a 52-week low of $24.69 and a 52-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 business’s fifty day moving average is $29.76 and its 200-day moving average is $27.63.

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

MGIC Investment Increases Dividend

The company also recently announced 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 of this dividend was Wednesday, August 5th. This represents a $0.68 annualized dividend and a yield of 2.2%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s payout ratio is 21.25%.

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.