Callan Family Office LLC Makes New $685,000 Investment in MGIC Investment Corporation $MTG

Callan Family Office LLC acquired a new stake in shares of MGIC Investment Corporation (NYSE:MTG) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 24,298 shares of the insurance provider’s stock, valued at approximately $685,000.

Several other large investors have also made changes to their positions in MTG. BlackRock Inc. purchased a new position in shares of MGIC Investment during the 2nd quarter valued at approximately $618,467,000. Norges Bank acquired a new position in shares of MGIC Investment in the 4th quarter valued at $96,248,000. AQR Capital Management LLC boosted its holdings in MGIC Investment by 92.4% during the second quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock worth $176,313,000 after buying an additional 3,041,446 shares in the last quarter. NewEdge Wealth LLC purchased a new stake in MGIC Investment during the second quarter worth $71,375,000. Finally, Bank of New York Mellon Corp acquired a new stake in MGIC Investment during the second quarter valued at $51,059,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Barclays cut their price objective 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. Keefe, Bruyette & Woods increased 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. Weiss Ratings upgraded MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, August 19th. Royal Bank Of Canada lifted their price target on MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a research note on Friday, July 31st. Finally, Roth Capital reaffirmed a “buy” rating and issued a $35.00 price target on shares of MGIC Investment in a report on Thursday, July 30th. One research analyst has 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, the company has an average rating of “Moderate Buy” and an average target price of $30.60.

Insider Activity

In related news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction dated 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 transaction, the chief operating officer owned 560,951 shares in the company, valued at $14,236,936.38. This represents a 5.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 the firm’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $30.30, for a total transaction of $606,000.00. Following the completion of the transaction, the executive vice president directly owned 149,620 shares in the company, valued at $4,533,486. This represents a 11.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 70,937 shares of company stock worth $1,902,340. Company insiders own 1.34% of the company’s stock.

MGIC Investment Trading Up 0.6%

Shares of NYSE:MTG opened at $31.27 on Wednesday. MGIC Investment Corporation has a 1 year low of $24.69 and a 1 year high of $31.89. The firm has a market capitalization of $6.41 billion, a price-to-earnings ratio of 9.77, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. The business’s 50 day moving average price is $29.21 and its 200-day moving average price is $27.47.

MGIC Investment (NYSE:MTG) last released its quarterly 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. The firm had revenue of $295.39 million for 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%. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.82 EPS. On average, equities research analysts forecast that MGIC Investment Corporation will post 3.24 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

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

About MGIC Investment

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.