Foster & Motley Inc. Acquires Shares of 305,488 MGIC Investment Corporation $MTG

Foster & Motley Inc. bought a new position in shares of MGIC Investment Corporation (NYSE:MTG) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 305,488 shares of the insurance provider’s stock, valued at approximately $8,615,000. Foster & Motley Inc. owned 0.15% of MGIC Investment at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. acquired a new position in MGIC Investment during the third quarter worth $28,000. SBI Securities Co. Ltd. raised its position in shares of MGIC Investment by 40.3% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 420 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in MGIC Investment by 88.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after buying an additional 817 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in MGIC Investment in the 2nd quarter worth about $62,000. Finally, Harbor Investment Advisory LLC boosted its stake in shares of MGIC Investment by 613.0% in the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock worth $73,000 after acquiring an additional 2,213 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Trading Up 0.2%

Shares of MTG stock opened at $31.16 on Wednesday. The company’s 50-day moving average price is $28.69 and its 200-day moving average price is $27.32. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.13. The stock has a market cap of $6.39 billion, a price-to-earnings ratio of 9.74, a PEG ratio of 0.80 and a beta of 0.66. MGIC Investment Corporation has a twelve month low of $24.69 and a twelve month high of $31.89.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.11. The firm had revenue of $295.39 million during the quarter, compared to analysts’ expectations of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. MGIC Investment’s revenue was down 2.9% compared to the same quarter last year. During the same period last year, the business earned $0.82 earnings per share. As a group, equities analysts predict that MGIC Investment Corporation will post 3.21 earnings per share for the current year.

MGIC Investment Increases Dividend

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

MGIC Investment declared that its board has approved a share buyback plan on Thursday, April 23rd that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire up to 12.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other MGIC Investment news, EVP Paula C. Maggio sold 20,937 shares of MGIC Investment stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.55, for a total value of $534,940.35. Following the sale, the executive vice president owned 169,620 shares in the company, valued at $4,333,791. The trade was a 10.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction on Monday, June 8th. The shares were 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 directly owned 560,951 shares in the company, valued at approximately $14,236,936.38. This trade represents a 5.08% 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. Insiders sold 70,937 shares of company stock worth $1,902,340 over the last quarter. 1.34% of the stock is currently owned by insiders.

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.